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...

The pseudo market timing of 231 IPOs is examined over a window of April 2010 to September 2012 from a panel of UK Initial Public Offerings (IPOs). IPOs are classified into premium listings and standard listings under the new FSA issuance regime. The study shows contrasting results for both the...

We model the risk of setting the required fixed-offer price in an IPO given initial uncertainty about value, as well as costs of over and underpricing. Assuming that the goal of issuers in bookbuilt IPOs is to maximize net offering proceeds, our analysis indicates that their optimal strategy is...

We examine the effect of pre-IPO growth rates on the valuation and long-run performance of new issues. IPOs with rapid pre-IPO revenue growth obtain significantly higher offer value and secondary market valuation but have relatively poor long-term stock returns. There is no evidence that...