Auf Englisch:
Under the communistic regime whole economy was controlled by the Central Planning Office. When the communistic regime collapsed the whole economy had to be transformed in order to meet open market standards. One of these standards is privatisation process. Hungary, Czech Republic and Poland choose a different approach to this issue, because they implied different strategies. Actually you can speak about three different privatisation scenarios.
Auf Deutsch:
Alle drei Länder haben 1989 am gleichen Startpunkt angefangen, sie mussten nämlich Marktwirtschaftreformen und Privatisierung durchführen. Kurz nach dem Start haben sich aber ihre Wege getrennt. Nach 17 Jahren kann man von über 3 verschiedenen Privatisierungsbeispielen sprechen. Dieses Thema ist ziemlich unfangreich, deshalb möchte ich mich nur auf den Underpricingeffekt in Polen, Ungarn und Tschechien konzentrieren. Meine Ergebnisse zeigen, dass dieser Effekt in diesen 3 Ländern unterschiedlich stark ist und die Privatisierungsmethode ihn beeinflussen könnte. Auf der ungarischen und polnischen Börse kann man die „heißen“ und „kalten“ Phasen erkennen. Ziemlich unüblich ist, dass man den „money left on the table“-Effekt in Polen beobachten kann, aber die Geldsummen minimal sind.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Transformation Process
- A Few Words About Planned Economics
- Privatisation in Poland
- Privatisation in Czech Republic
- The Privatisation in Hungary
- Motives for Going Public
- Value Maximizing Principle
- Technological Innovation
- Market Timing Theory
- Privatisation
- Political Reasons
- The Underpricing in Literature
- Short-Term Underpricing
- The Winner's Curse Theory
- The Information Cascade Theory
- Bookbuilding Theory
- Lemon Problem
- Insurance Against Legal Liability
- Long-Term Underpricing
- Stockownership and IPO
- Impressario Hypothesis
- Marketing in IPO Process
- Short-Term Underpricing
- Sample and Methodology
- Descriptive Analysis
- Prague Stock Exchange
- Budapest Stock Exchange
- Warsaw Stock Exchange
- The Unusual Year 1993
- Results Analysis
- Underpricing in Czech Republic
- Underpricing in Hungary
- Underpricing in Poland
- Summary
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper investigates the underpricing effect in the initial public offerings (IPOs) of companies in Poland, Hungary, and the Czech Republic. It aims to analyze the phenomenon of underpricing, examining its causes and its impact on the stock exchanges of these countries. The author delves into the historical context of these markets and explores how their development and transition to capitalism have shaped the underpricing effect.- The underpricing effect in IPOs in Central Europe
- Historical context and economic transition in Poland, Hungary, and the Czech Republic
- Influence of political and economic events on the underpricing effect
- Analysis of the stock exchanges in the three countries
- Comparison of the underpricing effect across different economic cycles
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction of the paper sets the context for studying the underpricing effect in the emerging stock markets of Central Europe. It outlines the challenging transformation process that these countries underwent after the fall of communism, emphasizing the significance of understanding the IPOs and their dynamics in this context. The paper highlights the lack of previous research on IPOs in this region and the importance of investigating the underpricing effect, particularly as the sample data spans several economic cycles, allowing for valuable insights. Chapter 2 examines the transformation process of the three countries, with a focus on the privatization of state-owned companies. It delves into the specific economic and political challenges faced by each country in its transition to capitalism, providing a nuanced understanding of the context in which the IPOs occurred. Chapter 3 explores the motives behind companies going public, outlining several key factors such as value maximization, technological innovation, market timing, and political reasons. This chapter provides a framework for understanding the underlying drivers of IPOs and their potential connection to the underpricing effect. Chapter 4 delves into the theoretical framework of the underpricing effect, examining both short-term and long-term underpricing theories. This chapter provides a comprehensive overview of the existing literature on the subject, offering different perspectives on the causes and consequences of underpricing. Chapter 5 details the sample and methodology used in the study, providing a clear understanding of the data collection and analysis techniques. Chapter 6 presents a descriptive analysis of the stock exchanges in Prague, Budapest, and Warsaw, focusing on key indicators and data points that are relevant for the study of underpricing. This chapter provides a foundational understanding of the market dynamics in each country. Chapter 7 presents the results of the underpricing analysis for each country, highlighting key findings and trends in the data. The chapter compares and contrasts the underpricing effect across different economic cycles, offering insights into the specific characteristics of these markets.Schlüsselwörter (Keywords)
This paper focuses on the underpricing effect, IPOs, emerging markets, Central Europe, Poland, Hungary, Czech Republic, stock exchanges, privatization, economic transition, market dynamics, and financial markets. These keywords encapsulate the primary themes and research focus of the work, providing a concise overview of its key concepts and areas of investigation.- Quote paper
- Tomasz Drobniak (Author), 2008, Underpricing effect in Poland, Hungary and Czech Republic, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/112067
