haku: @author Affleck-Graves, J. / yhteensä: 12
viite: 5 / 12
| Tekijä: | Affleck-Graves, J. Hedge, S. Miller, R. E. |
| Otsikko: | Conditional price trends in the aftermarket for initial public offerings |
| Lehti: | Financial Management
1996 : WINTER, VOL. 25:4, p. 25-40 |
| Asiasana: | PRICES STOCK MARKETS COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | It is documented in the paper that the risk-adjusted returns on initial public offerings (or IPOs) in the short-term aftermarket are in the same direction as their initial mispricing. The initially underpriced issues earn 2.46% (6.40%) more, on average, than similar-sized firms over the 1st month (1st three months) of trading. In contrast, overpriced IPOs underperform size-matched firms, on average, by 4.42% (1.31%) over a similar period. Subsequently, both groups of IPOs earn similar negative abnormal returns, which is consistent with the long-term underperformance of IPOs reported in previous studies. |
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