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| Author: | Stehle, R. Ehrhardt, O. |
| Title: | Renditen bei Börseneinführungen am deutschen Kapitalmarkt |
| Journal: | Zeitschrift für Betriebswirtschaft
1999 : VOL. 69:12, p. 1395-1422 |
| Index terms: | GERMANY STOCK EXCHANGES PRICING STOCKS |
| Language: | ger |
| Abstract: | Between 1960 and 1995 222 initial public offerings took place in Germany. The average initial return is 15,79%. It is different from zero, both economically and statistically. Before 1987 the initial returns decrease through time, from 1987 to 1995 they are relatively low compared to other indu- strialized countries. The considerable differences between the average initial returns reported in prior studies result from the facts that different time periods were analysed and the "ungeregelte Freiverkehr" was included in some studies but not in others. In the 36 month after the Ipo the long term performance is only slighthly below its expected value. These results are fully in line with the efficient market hypothesis and with the hypothsis of deliberate underpricing. Most prior studies have reported a negative long term abnormal performance. |
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