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. …

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 …

marginal excess positive return over the same post calendar month period. The supplementary analysis suggests that underpricing …