Choi, Seung-Doo; Nam, Sang-Koo - In: Multinational Finance Journal 10 (2006) 3-4, pp. 223-250
This paper compares the long-run buy-and-hold returns of privatization initial public offerings (IPOs) to those of the … domestic stock markets of respective countries using a sample of 241 privatization IPOs from 41 countries. The evidence … indicates that the privatization IPOs significantly outperform their domestic stock markets if the returns are equally …