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| Tekijä: | Aussenegg, W. Grünbichler, A. |
| Otsikko: | Der Size-Effekt am österreichischen Aktienmarkt |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1999 : 51:7/8, p. 636-661 |
| Asiasana: | STOCKS STOCK EXCHANGES AUSTRIA |
| Kieli: | ger |
| Tiivistelmä: | The observation that stocks with a small market capitalization have risk-adjusted returns above stocks with high market capitalization is well documented for the US and other big stock markets. The aim and contribution of this paper is to investigate, for the first time comprehensively, whether there are similar size-related regularities for stocks listed on the small Vienna Stock Exchange. In contrast to other studies we are concentrating out analysis on the relationship between size effects and the aftermarket performance of Initial Public Offerings (IPOs). The performance differences between stocks with a small and those with a high market capitalization can be explained by the long-run performance of particular groups of IPOs and a negative liquidity effect. |
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