search query: @freeterm Underpricing / total: 7
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| Author: | Álvarez, S. González, V.M. |
| Title: | Signalling and the long-run performance of Spanish Initial Public Offerings (IPOs) |
| Journal: | Journal of Business Finance and Accounting
2005 : VOL. 32:1-2, p. 325-350 |
| Index terms: | Initial Public Offerings |
| Freeterms: | Long-run returns and signalling Underpricing Underperformance |
| Language: | eng |
| Abstract: | Academic research into companies that have gone public has focused the study of two anomalies: initial underpricing and long-run underperformance. We examine Spanish Initial Public Offerings to provide additional evidence on the long-run performance of IPOs and its relationship with initial underpricing. Results reveal the existence of negative long-run performance presents a positive relationship with underpricing and the volume of funds obtained in the seasoned offerings, in consonance with the predictions of Allen and Faulhaber (1989), Welch (1989) and Grinblatt and Hwang (1989). |
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