Benchmark-Sensitivity Of Ipo Long-Run Performance: An Empirical Study For Germany
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. We briefly discuss 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, we find neutral, over-, or underperformance of the IPOs. We use Dimson/Marsh buy-and-hold abnormal returns for the long-run performance measurement and present several hypotheses to explain the underperformance.
Year of publication: |
2000
|
---|---|
Authors: | Sapusek, Annemarie |
Published in: |
Schmalenbach Business Review (sbr). - Fakultät für Betriebswirtschaft. - Vol. 52.2000, 4, p. 374-405
|
Publisher: |
Fakultät für Betriebswirtschaft |
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