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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. 
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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