The main purpose of this paper is to explore the role of risk management, speculative industry competition effect and hot issue markets. We used a sample of 260 initial public offerings (IPOs) in the Australian resource sector for the 1994–2004 period to test the underpricing effect. We do not...

The purpose of this study is to estimate the long run IPO (Initial Public Offerings) returns using artificial neural network (ANN). In wide-ranging literature OLS (Ordinary Least Squares) is commonly preferred to estimate long run IPO returns. This study applies artificial neural network...

This study examines the long-standing IPO performance in the Istanbul Stock Exchange (ISE) by using new factors such as source of shares (new issue or sale of large shareholders), allocation of shares and dispersion of investors as well as existing factors such as market conditions (hot/cold),...

This paper discusses evidence on the initial underpricing of Initial Public Offerings in the Athens Stock Exchange, during the period 1990-2003. Differences in average initial returns are analyzed in terms of differential IPO characteristics. The findings suggest that in the Athens Stock...

We estimate the underpricing and long-run performance of Swiss initial public offerings (IPOs) from 1983 to 2000. The average market adjusted initial return is 34.97%. To examine the long-run performance of Swiss IPOs, we compute buy-and-hold abnormal returns, skew-ness-adjusted wealth ratios,...

This paper examines the auditor choices of all the IPOs of German firms between 1990 and 1999. The final sample consists of 306 firms. In the IPO context, audit quality can be used as a signal about firm value (information signalling). On the other hand, it can also be used by issuers and...

This paper provides micro-econometric evidence on the relevance of non-market interaction for the timing of initial public offerings (IPOs) in the French and German primary equity markets. The surge of IPO volume in the late 1990s appears to be consistent with rational expectations, not with...