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| Tekijä: | Sapusek, A. |
| Otsikko: | Benchmark-sensitivity of IPO long-run performance: an empirical study for Germany |
| Lehti: | Schmalenbach Business Review
2000 : OCT, VOL. 52:4, p. 374-405 |
| Asiasana: | GERMANY BENCHMARKING INITIAL PUBLIC OFFERINGS |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes the long-run performance of German IPOs of the years 1983-1993 compared with various benchmark indexes and matching firms -- and for different subperiods with and without the inclusion of the underpricing effect. The author briefly discusses theoretical positions, which predict a neutral aftermarket performance of equity issues or an under/overperformance. Depending on the benchmark used for comparison and the IPO cohort considered, the author finds neutral, over-, or underperformance of the IPOs. |
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