Is Operating Cash Flow a Contributing Factor to IPO Underpricing?

The main purpose of this thesis is to analyze the impact of Operating Cash Flows (OCFs) on the occurrence of underpricing in companies going public. The study seeks to empirically examine if a correlation exists between OCFs and the occurrence of underpricing on the listing date and 180 days later. The thesis attempts to statistically test the theories of Winner''s Curse, Market Efficiency, Signaling and Adverse Selection with the support of the empirical findings.