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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

Underpricing and Long-Run Performance Patterns of European Private-Equity-Backed and Non-Private-Equity-Backed IPOs

Clas Bergström, Daniel Nilsson and Marcus Wahlberg
The Journal of Private Equity Fall 2006, 9 (4) 16-47; DOI: https://doi.org/10.3905/jpe.2006.650457
Clas Bergström
Professor of finance at Stockholm School of Economics in Sweden.
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  • For correspondence: clas.bergstrom@hhs.se
Daniel Nilsson
A M.Sc in Business Administration and Economics from Stockholm School of Economics in Sweden.
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  • For correspondence: e.daniel.c.nilsson@gmail.com
Marcus Wahlberg
A M.Sc in Business Administration and Economics from Stockholm School of Economics in Sweden.
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  • For correspondence: marcus.wahlberg@gmail.com
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Abstract

Fast forward now to the endgame, after the company is public. Starting first with the performance of shares on a public market; how will they perform? Bergström, Nilsson, and Wahlberg present the performance of a data-set of 152 private-equity-backed IPOs against 1,370 non-private equity-backed firms in London and Paris between 1994 and 2004. Have these firms been underpriced by their issuers? Do private-equity-backed IPOs outperform their non-private-equity-backed counterparts? And how do these two groups fare against indexed performance?

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The Journal of Private Equity
Vol. 9, Issue 4
Fall 2006
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Underpricing and Long-Run Performance Patterns of European Private-Equity-Backed and Non-Private-Equity-Backed IPOs
Clas Bergström, Daniel Nilsson, Marcus Wahlberg
The Journal of Private Equity Aug 2006, 9 (4) 16-47; DOI: 10.3905/jpe.2006.650457

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Underpricing and Long-Run Performance Patterns of European Private-Equity-Backed and Non-Private-Equity-Backed IPOs
Clas Bergström, Daniel Nilsson, Marcus Wahlberg
The Journal of Private Equity Aug 2006, 9 (4) 16-47; DOI: 10.3905/jpe.2006.650457
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