This paper deals with the long-run stock performance after initial public offerings (IPOs) in the German capital market with a larger sample than prior studies and alternative benchmarks (the equally and the value-weighted market portfolio, size portfolios and matching stocks).

Die bisher vorgelegten Studien zu Börseneinführungen am deutschen Kapitalmarkt weisen für die durchschnittliche Emissionsrendite und die kumulierte Überrendite in den ersten 36 Monaten der Börsennotierung stark unterschiedliche Werte auf. Ziel des vorliegenden Beitrages ist es, diese...

Existing estimates of the long-run abnormal performance after initial public offerings in Germany differ between +1.54 % and -19.85 % for holding periods of 36 months. We discuss the methodological problems of these studies and the peculiarities of the German market. Using a large sample,...