Signalling and the Long-run Performance of Spanish Initial Public Offerings(IPOs)
Опубликовано на портале: 16-06-2006
Journal of Business Finance & Accounting.
2005.
Vol. 32.
No. 1/2.
P. 325-350.
Тематические разделы:
Academic research into firms that have gone public has focused on the study of two
anomalies: initial underpricing and long-run underperformance. We analyse 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 abnormal stock returns, in line with the international literature.
Long-run performance presents a positive relationship with underpricing and the volume
of funds obtained in seasoned offerings, in consonance with the predictions of,and.
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