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| Author: | Schultz, P. |
| Title: | Pseudo market timing and the long-run underperformance of IPOs |
| Journal: | Journal of Finance
2003 : APR, VOl. 58:2. p. 483-517 |
| Index terms: | Equities Initial public offerings Performance measurement Time |
| Language: | eng |
| Abstract: | Long-run underperformance by firms following equity offerings are documented in numerous studies. It is shown in this paper that underperformance is very likely to be observed ex-post in an efficient market. Simulations based on 1973 data reveal that when ex-ante expected abnormal returns are zero, median ex-post underperformance for equity issuers will be significantly negative in event-time. |
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