This study tests possible sources of long-term risk-adjusted returns on initial public offerings (IPO) in Poland under the calendar-time portfolio (CTP) approach. The moment of going public still remains a puzzle in many areas. Poland’s status as an emerging market has been indisputable for...

Researchers have presented evidence that, at certain times in particular industries, initial public offerings (IPOs) of firms' stocks are underpriced. Several models have been developed that offer explanations of these "hot issue" markets; e.g. Baron's model (1982), in which investment bankers...

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...