Appendix A. Final IPO sample Date Stock Offering Price Closing Change Berry Index Ad Hoc-Berry index 2005-10-05 Indutrade AB 65 73,25 12,69% 0,8392 0,775887574 2005-10-06 Hemtex AB 56 61 8,93% 0 0 2005-11-08 TradeDoubler AB 110 110 0,00% 0 0 2005-11-09 Orexo AB 90 90 0,00% 0,301174186 0,111977315 2005-12-08 Hakon Invest 77 81,5 5,84% 0,4422 0,199180217 2006-02-23 KappAhl Holding AB 56 58,75 4,91% 0 0 2006-05-22 Diös Fastigheter AB 31 28,6-7,74% 0 0 2006-09-15 Biovitrum AB 100 111,5 11,50% 0 0 2006-11-28 Rezidor Hotel Group 52 52 0,00% 0 0 2006-12-01 Lindab Int AB 110 112,75 2,50% 0,32 0,1189768 2006-12-12 LinkMed AB 70 69,5-0,71% 0 0 2007-05-16 Nederman Holding 87 95,5 9,77% 0,6592 0,356401384 2007-10-12 Systemair 78 78 0,00% 0 0 2007-10-19 HMS Networks 74 73-1,35% 0,444444444 0,165245555 2007-11-09 East Capital Explorer AB 100 101,5 1,50% 0 0 2008-06-09 Hexpol AB 65,7 65,09-0,93% 0,2982 0,110871505 2008-06-16 DGC One 33 37 12,12% 0,52445 0,19499182 2010-03-24 Arise 55 53,75-2,27% 0,120377219 0,120377219 2010-06-02 Byggmax Group 46 48,5 5,43% 0 0 2010-06-18 MQ Holding 32 31,8-0,62% 0 0 2011-04-15 Karolinska Development 40 40 0,00% 0,4559 0,169504759 2011-05-04 Dedicare 16 17,6 10,00% 0 0 2011-05-20 FinnvedenBulten 49 49 0,00% 0 0 2011-05-26 Moberg Pharma 29 28,7-1,03% 0 0 2011-05-27 Transmode 53 54,75 3,30% 0 0 2011-06-23 Boule Diagnostics 49 49 0,00% 0 0 2013-11-29 Platzer Fastigheter Holding 26,5 27,9 5,28% 0 0 2013-12-10 Sanitec Oyj 61 64,75 6,15% 0 0 2014-02-21 Bufab Holding 46 49 6,52% 0 0 2014-03-21 Hemfosa Fastigheter 93 97,5 4,84% 0 0 2014-04-03 Recipharm 78 85,75 9,94% 0 0
Appendix B. Final SEO sample Date Stock Offering Price Closing Price Change % Berry Index Ad Hoc-Berry 2005-06-28 Biotage AB 10 10,15 1,50% 0.3921287587 0,250962406 2006-11-15 Fingerprint Cards AB 25 20,89-16,44% 0 0 2007-08-03 SSAB Svenskt Stål AB 155 221 42,58% 0 0 2007-09-11 Cybercom Group AB 37 51 37,84% 0 0 2008-02-29 Getinge AB 120 153,03 27,53% 0.6464 0,197307775 2008-04-22 Venue Retail Group AB 3 3,14 4,67% 0.387662 0,118330332 2008-09-02 RNB Retail and Brands AB 6 11,6 93,33% 0 0 2008-09-30 Amasten Holding AB 2,4 4,62 92,50% 0 0 2008-11-24 Fingerprint Cards AB 2,2 1,87-15,00% 0 0 2008-12-02 Swedbank AB 48 44,6-7,08% 0.560842 0,252620152 2008-12-04 Nordic Service Partners 8 8,95 11,88% 0 0 2008-12-09 Bilia AB 20 18,8-6,00% 0.4500119312 0,288007636 Skandinaviska Enskilda Banken 2009-03-13 AB 10 21,1 111,00% 0.428374252 0,192952683 2009-03-16 Husqvarna AB 16 32,4 102,50% 0.656888 0,552889487 2009-03-20 Nordea Bank AB 20,75 46,2 122,65% 0.589919 0,219333358 2009-03-23 SAS AB 2,63 4,36 65,78% 0 0 2009-04-29 Hemtex AB 14 19,9 42,14% 0 0 2009-05-19 Allenex AB 12,5 18,9 51,20% 0 0 2009-06-02 Cybercom Group AB 10,15 15,9 56,65% 0 0 2009-06-02 Eniro AB 5,2 19,5 275,00% 0.624088 0,232037478 2009-09-22 Swedbank AB 39 65 66,67% 0.560842 0,252620152 2009-09-29 Fingerprint Cards AB 2,5 4,25 70,00% 0 0 2009-11-23 Rottneros AB 0,25 0,74 196,00% 0 0 2009-12-01 Haldex AB 23 45 95,65% 0 0 2009-12-14 TradeDoubler AB 25 46 84,00% 0 0 2010-01-13 BioInvent International AB 27,6 28,8 4,35% 0 0 2010-03-12 Arise Windpower AB 65 48-26,15% 0.1302 0,120377219 2010-03-24 Cision AB 3,4 5,35 57,35% 0 0 2010-03-29 Rörvik Timber AB 0,5 1,76 252,00% 0 0 2010-04-15 SAS AB 0,67 1,24 85,07% 0 0 2010-04-22 Note AB 4,5 9,75 116,67% 0 0 2010-06-02 PA Resources AB 3,75 5,75 53,33% 0 0 2010-06-08 MQ Holding AB 36 31,8-11,67% 0 0 2010-07-08 HQ AB 40 33,98-15,05% 0 0 2010-09-06 Elanders AB 22 21,2-3,64% 0.1472 0,136094675 2010-09-10 Stockwik Förvaltnings AB 0,1 0,13 30,00% 0 0 2010-11-04 Oasmia Pharmaceutical AB 16,5 16,6 0,61% 0 0 2010-11-09 Corem Property Group AB 36 45 25,00% 0 0 2010-11-15 Nordic Mines AB 38,5 42,5 10,39% 0 0 2010-11-15 Diös Fastigheter AB 29,2 38,5 31,85% 0 0 2010-11-17 Sensys Traffic AB 0,7 0,91 30,00% 0 0 2010-12-02 Karo Bio AB 1,4 2,1 50,00% 0 0 2010-12-02 Hexagon AB 74 135,6 83,24% 0.6654 0,35975346 2010-12-03 Eniro AB 0,52 0,73 40,38% 0.624088 0,232037478 2010-12-08 MSC Konsult AB 2,25 2,79 24,00% 0.6826 0,208357498 2011-02-28 Hexpol AB 83 134 61,45% 0.2982 0,110871505
2011-03-25 Hemtex AB 6 7,9 31,67% 0 0 2011-04-11 Fingerprint Cards AB 7 8 14,29% 0 0 2011-05-05 Precise Biometrics AB 1 1,41 41,00% 0 0 2011-05-11 Swedish Orphan Biovitrum AB 12 22,6 88,33% 0 0 2011-06-01 BioInvent International AB 22,3 22,6 1,35% 0 0 2011-06-09 Orexo AB 38 38 0,00% 0.3011741864 0,111977315 2011-09-30 Allenex AB 1,5 1,54 2,67% 0 0 2011-10-17 Opcon AB 1,25 1,83 46,40% 0.4760333219 0,257370957 2011-10-25 Oasmia Pharmaceutical AB 9,3 10,2 9,68% 0 0 2011-11-11 Diös Fastigheter AB 30 30 0,00% 0 0 2011-11-15 Rederi AB Transatlantic 10 10,35 3,50% 0 0 2011-11-16 KappAhl AB 4 6,25 56,25% 0 0 2011-11-29 Transcom WorldWide S.A. 0,43 0,48 11,63% 0.24795 0,075684503 2012-02-23 Image Systems AB 0,33 0,47 42,42% 0.42 0,156157049 2012-03-08 Nordic Mines AB 51 53,25 4,41% 0 0 2012-03-16 BioInvent International AB 15,6 16,2 3,85% 0 0 2012-03-19 Cloetta AB 10,79 16,6 53,85% 0 0 2012-04-20 Aerocrine AB 9 13,1 45,56% 0 0 2012-06-14 Nordic Mines AB 6 10,1 68,33% 0 0 2012-06-15 Formpipe Software AB 3,4 4,69 37,94% 0 0 2012-06-21 Nordic Mines AB 6 8,2 36,67% 0 0 2012-08-20 Aspiro AB 0,75 0,9 20,00% 0.4510336502 0,20315916 2012-09-19 Precise Biometrics AB 0,72 1,03 43,06% 0 0 2012-10-09 Cybercom Group AB 0,87 1,33 52,87% 0 0 2012-10-25 Vitrolife AB 41,5 41,5 0,00% 0.18795 0,158193755 2012-10-26 Oasmia Pharmaceutical AB 5 5,25 5,00% 0 0 2012-11-21 Opcon AB 0,5 0,55 10,00% 0.4760333219 0,257370957 2012-11-26 Black Earth Farming Ltd. 6,38 10 56,74% 0.4662 0,142303349 2012-11-28 Karo Bio AB 0,3 0,36 20,00% 0 0 2012-11-28 Bergs Timber AB 1,15 2,25 95,65% 0 0 2012-12-06 KappAhl AB 1,7 3,85 126,47% 0 0 2012-12-07 Melker Schörling AB 203 211,8 4,33% 0 0 2012-12-07 Seamless Distribution AB 16 18,3 14,38% 0 0 2012-12-07 BillerudKorsnäs AB 29 59 103,45% 0.49235 0,26619269 2013-01-04 Nordic Mines AB 1,1 1,9 72,73% 0 0 2013-01-09 PA Resources AB 0,1 0,17 70,00% 0 0 2013-01-15 Opcon AB 0,59 0,66 11,86% 0.4760333219 0,257370957 2013-03-06 Active Biotech AB 45 54 20,00% 0.48 0,178465199 2013-03-11 Anoto Group AB 1,7 1,7 0,00% 0 0 2013-03-12 Fingerprint Cards AB 28,81 29,3 1,70% 0 0 2013-04-08 RNB Retail and Brands AB 0,07 0,11 57,14% 0 0 2013-04-23 Opcon AB 0,78 0,57-26,92% 0.4760333219 0,257370957 2013-04-25 Rörvik Timber AB 3 3,2 6,67% 0 0 2013-04-30 Aerocrine AB 11 12 9,09% 0 0 2013-05-10 Hakon Invest AB 129 140 27,53% 0.4422 0,199180217 2013-05-21 CDON Group AB 15,5 27,5 77,42% 0.489318 0,452401997 2013-06-12 Arcam AB 325 312,5-3,85% 0 0 2013-07-01 Moberg Derma AB 33,54 35 4,35% 0 0 2013-07-05 BioInvent International AB 2,1 2,29 9,05% 0 0
2013-07-25 Bong AB 1,8 2,77 53,89% 0.2758095442 0,232143375 2013-08-05 Image Systems AB 0,08 0,08 0,00% 0.42 0,156157049 2013-08-19 PA Resources AB 10,5 10,2-2,86% 0 0 2013-09-05 Precise Biometrics AB 3,9 4,33 11,03% 0 0 2013-09-23 Fastighets AB Balder 329 334,5 1,67% 0 0 2013-10-02 Stockwik Förvaltnings AB 0,05 0,07 40,00% 0 0 2013-10-09 MultiQ International AB 0,4 0,64 60,00% 0 0 2013-11-04 Seamless Distribution AB 40 47,2 18,00% 0 0 2013-11-22 Anoto Group AB 0,25 0,31 24,00% 0 0 2013-12-13 NeuroVive Pharmaceutical AB 14 16,7 19,29% 0 0 2013-12-16 Fingerprint Cards AB 48 52,5 9,38% 0 0 2013-12-16 Arcam AB 870 963 10,69% 0 0 2014-01-13 NeuroVive Pharmaceutical AB 14 17,9 27,86% 0 0 2014-01-17 Etrion Corporation 4,15 4,72 13,73% 0 0 2014-01-22 Fingerprint Cards AB 55,25 59 6,79% 0 0 2014-02-19 Rejlers AB 94,5 103 8,99% 0 0 2014-02-21 BE Group AB 6,5 11,5 76,92% 0 0 2014-02-21 Opcon AB 0,57 0,49-14,04% 0.4760333219 0,257370957 2014-02-28 Victoria Park AB 20,5 21,3 3,90% 0.1138 0,034736424 2014-03-06 Oasmia Pharmaceutical AB 19 20,8 9,47% 0 0 2014-03-10 Anoto Group AB 0,85 0,89 4,71% 0 0 2014-03-18 BioInvent International AB 2,3 2,33 1,30% 0 0 2014-03-20 Recipharm AB 86 85,75-0,29% 0 0 2014-03-24 Karo Bio AB 0,47 0,86 82,98% 0 0 2014-03-28 BioInvent International AB 2,3 3,04 32,17% 0 0
Appencix C. Results from bivariate analysis. IPOs t-test: Paired Two Sample for Means Variable 1 (Diversification) Variable 2 (Underpricing) Mean 0,074948843 0,034375 Variance 0,024736545 0,002522 Observations 31 31 Pearson Correlation 0,36163395 Hypothesized Mean Difference 0 df 30 t Stat 1,539022533 P(T<=t) one-tail 0,067140522 t Critical one-tail 1,697260887 P(T<=t) two-tail 0,134281044 t Critical two-tail 2,042272456 Appendix D. Results from bivariate analysis. SEOs t-test: Paired Two Sample for Means Variable 1 (Diversification) Variable 2 (Underpricing) Mean 0,061484668 0,374484 Variance 0,012408673 0,231696 Observations 120 120 Pearson Correlation 0,110647004 Hypothesized Mean Difference 0 df 119 t Stat -7,114870435 P(T<=t) one-tail 4,54651E-11 t Critical one-tail 1,657759285 P(T<=t) two-tail 9,09301E-11 t Critical two-tail 1,980099876
Appendix E. Results from Chi-Squared test. IPOs Underpricing Non Div Expected Poorly Expected Moderately Expected Column Total Negative 4 4,741935 2 1,354839 1 0,903226 7 5 9 8,129032 2 2,322581 1 1,548387 12 10 6 4,741935 0 1,354839 1 0,903226 7 > 10 2 3,387097 2 0,967742 1 0,645161 5 Row Total 21 6 4 31 Calculated χ 2 = 4,32928 Critical χ 2 = 12,592 0,116085 0,30722 0,010369 0,093318 0,044803 0,19422 0,333772 + 1,354839 + 0,010369 0,568049 1,101075 0,195161 Appendix F. Results from Chi-Squared test. SEOs Underpricing Non Div Expected Poorly Expected Moderately Expected Column Total Negative 7 9,555556 2 1,111111 4 2,333333 13 15 31 29,40171 4 3,418803 5 7,179487 40 40 14 13,96581 0 1,623932 5 3,410256 19 70 18 18,37607 3 2,136752 4 4,487179 25 100 12 8,820513 0 1,025641 0 2,153846 12 > 100 4 5,880342 1 0,683761 3 1,435897 8 Row Total 86 10 21 117 Calculated χ 2 = 12,98368 Critical χ 2 = 18,307 0,683463 0,711111 1,190476 0,086884 0,098803 0,66163 0,000084 + 1,623932 + 0,741083 0,007696 0,348752 0,052894 1,146094 1,025641 2,153846 0,601272 0,146261 1,703755
Appendix G. Regression statistics. IPOs SUMMARY OUTPUT Regression Statistics Multiple R 0,361634 R Square 0,130779 Adjusted R Square 0,100806 Standard Error 0,149141 Observations 31 ANOVA df SS MS F Significance F Regression 1 0,097051 0,097050704 4,3632112 0,045610139 Residual 29 0,645046 0,022242954 Total 30 0,742096 Coefficients Standard Error t Stat P-value Lower 95% Intercept 0,036014 0,032634 1,10356908 0,2788536 95% Lower - 0,030729836 0,102757-0,03073 0,102757 X Variable 1 1,132665 0,542249 2,088830102 0,0456101 0,023642292 2,241689 0,023642 2,241689 Appendix H. Regression statistics. SEOs SUMMARY OUTPUT Regression Statistics Multiple R 0,110647 R Square 0,012243 Adjusted R Square 0,003872 Standard Error 0,111178 Observations 120 ANOVA df SS MS F Significance F Regression 1 0,018078 0,018078051 1,4625513 0,228942073 Residual 118 1,458554 0,012360627 Total 119 1,476632 Coefficients Standard Error t Stat P-value Lower 95% 95% Lower Intercept 0,051896 0,012879 4,029395212 9,939E-05 0,026391168 0,0774 0,026391 0,0774 - X Variable 1 0,025606 0,021173 1,209359864 0,2289421 0,016322729 0,067535-0,01632 0,067535