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Folia Oeconomica Stetinensia

The Journal of University of Szczecin

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The impact of the january effect on the IPO underpricing in Poland

Adrian Wołoszyn Ph.D
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  • Szczecin University Faculty of Economics and Management Mickiewicza 64, 71-101 Szczecin, Poland
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/ Prof. Dariusz Zarzecki
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  • Szczecin University Faculty of Economics and Management Mickiewicza 64, 71-101 Szczecin, Poland
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  • Other articles by this author:
  • De Gruyter OnlineGoogle Scholar
Published Online: 2014-03-25 | DOI: https://doi.org/10.2478/foli-2013-0010


We examine the initial public offering (IPO) underpricing phenomenon in Poland using data from the Warsaw Stock Exchange (the main market). In the article we survey historical average IPO underpricing in Europe and outside Europe. We discuss the determinants of the IPO underpricing which is based on asymmetry of information, ownership and control, institutional explanations and behavioural explanations. We discuss the calendar effect and we examine the influence of the January effect on the IPO underpricing. On the Warsaw Stock Exchange in 2005-2011, the IPO underpricing was bigger for companies that debuted in January than for companies that debuted in other months. The empirical results are not statistically significant.

Keywords : IPO Underpricing; Stock Exchange; Warsaw Stock Exchange; January effect


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About the article

Published Online: 2014-03-25

Published in Print: 2013-12-01

Citation Information: Folia Oeconomica Stetinensia, Volume 13, Issue 1, Pages 121–135, ISSN (Online) 1898-0198, ISSN (Print) 1730-4237, DOI: https://doi.org/10.2478/foli-2013-0010.

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