search query: @indexterm Initial Public Offerings / total: 176
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| Author: | Gompers, P. A. Lerner, J. |
| Title: | The really long-run performance of initial public offerings: the pre-Nasdaq evidence |
| Journal: | Journal of Finance
2003 : AUG, VOL. 58:4, p. 1355-1392 |
| Index terms: | Stock exchanges USA Initial public offerings Market efficiency |
| Language: | eng |
| Abstract: | Financial economists have intensively debated the performance of IPOs using data after the formation of Nasdaq. The paper sheds light on this controversery by undertaking a large, out-of-sample study. The authors examine the performance for five years after listing of 3661 U.S. IPOs from 1935 to 1972. The sample displays some underperformance when event-time buy-and-hold abnormal returns are used. The underperformance disappears, however, when cumulative abnormal returns are utilized. A calender-time analysis shows that over the entire period. IPOs return as much as the market. The intercepts in |
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