Alvarez, Susana - In: Journal of risk and financial management : JRFM 16 (2023) 1, pp. 1-24
(IPOs), both at the level of initial underpricing and at the level of 1-, 3- and 5-year performance. Our results represent a … anomaly that occurs on the first day of IPO listing, i.e., underpricing, whereas this study is more ambitious; it considers … the institutional effect on both underpricing and the long-term performance of the IPOs considered, which makes it …