La infravaloración de las ofertas públicas iniciales en el mercado español: empresa familiar versus empresa no familiar

Abstract

Previous national and international evidence show that firms going public through an Initial Public Offering (IPO) underprice. In this research we investigate whether IPO underpricing differs between family firms and non-family firms. We employ a sample of 59 IPOs conducted in Spain over the period 1994 to 2012. We find that both family or non-family firms exhibit significant underpricing, being significantly lower in the case of family firms. Results do not suggest any linkage between underpricing and IPO activity in the Spanish market.