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All Initial Public Offerings (IPO's) Are Not Created Equal

Опубликовано на портале: 16-06-2006
Journal of Business & Economic Studies. 2005.  Vol. 11. No. 1. P. 19-33. 
This study examines the relation between the offer price adjustment, initial return, and subsequent short-run performance for a sample of initial public offerings (IPO's) made by US industrial companies from 1986 to 1996. The IPO's are divided into three categories (cold, cool, and hot issues) based on the offer price relative to the suggested price range revealed in the preliminary prospectus. It is found that the offer price adjustment not only predicts the first-day return, but also predicts subsequent short-run performance in the same direction up to three months after issuance. Moreover, different types of IPO's demonstrate distinct cross-sectional behavior in multivariate regressions of initial returns. Our results suggest that cold IPO's are quite unique and deserve more attention in future studies.
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