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This study tests possible sources of long-term risk-adjusted returns on initial public offerings (IPO) in Poland under … experience less negative long-term returns and the underperformance is even absent in some specifications. …
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costs of over and underpricing. Assuming that the goal of issuers in bookbuilt IPOs is to maximize net offering proceeds … underpricing. Similarly, considering the expected costs of overpricing makes the underpricing of best-efforts IPOs in the interest …
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type to investors with a low IPO, and a pooling equilibrium, where no underpricing occurs, and hence investors cannot tell … more profitable if they are likely to get worse. Empirical evidence confirms that underpricing can signal favorable …
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This paper provides global evidence supporting the hypothesis that expected return models are enhanced by the inclusion of variables that describe the evolution of book-to-market-changes in book value, changes in price, and net share issues. This conclusion is supported using data representing...
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