In this paper we propose a new cross-sectional asset pricing model employing a Young-minus-Old (OMY) factor, which accounts for long-run post-IPO underperformance. The OMY factor might be also seen as a measure of market sentiment. We test the model using stock returns from the Warsaw Stock...

Practitioners and academics often consider IPO activity as a gauge of investor optimism and market valuation. This study investigates the cross-sectional implications of this concept at the country level. We use sorting and cross-sectional tests to examine linkages between past share issuance...

The relationship between political motivations and underpricing of public offerings of privatized companies is to a great extend unexplored field in the global academic literature. In this paper we offer a new explanation for the IPO underpricing anomaly. We formulate the election gimmick...

IPO anomalies in the corporate debt markets are to great extent unexplored field in the academic literature. The aim of this paper is to investigate the undepricing phenomenon of newly issued corporate bonds on the Catalyst market and its determinants. I use event study methodology to test for...