Jewartowski, Tomasz; Lizinska, Joanna - In: Emerging Markets Finance and Trade 48 (2012) 2, pp. 59-75
The paper documents short- and long-run performance of initial public offerings on the Warsaw Stock Exchange from 1998 to 2008. The study reveals positive initial market-adjusted returns of 13.95 percent and significant long-term underperformance with mean of -22.62 percent for the three-year...