This article examines the long-run stock market performance of German and Spanish initial public offerings (IPOs) between 1990 and 2000. We distinguish between family- and nonfamily-owned business IPOs by using the power subscale of the F-PEC. Buy-and-hold-abnormal returns (BHAR) are calculated...

This study examines the performance of 196German and Spanish stocks three years after initial public offerings (IPOs)between 1990 and 2000. Since family-owned businesses play such a large role inthe GDPs and employment of developed economies, the analysis distinguishesbetween family and...