In this paper we provide evidence that the post-issue accounting profitability of firms underwritten by bank affiliated underwriters that are also borrowers from the same bank in the IPO (Initial Public Offerings) year is significantly better than average, but that the stock price performance of...

We examine IPO underpricing, offer size, over-subscription ratio, and listing board, in relation to investors' heterogeneous beliefs. Since investors' beliefs are not directly observable, our proxies for investor heterogeneity are specifically tied to variables that reflect investors' behaviour...

An improved method for measuring and testing long-run returns is proposed. The method adjusts <p> for the right-skewed distribution of long-run buy-and-hold by decomposing average cross-sectional <p> buy-and-hold returns into mean components and volatility components. The method is <p> applied to initial...</p></p></p>

The effect of uncertainty on IPO underpricing, short-term performance after IPO, and hot-and-cold-IPO market cycles have received a great deal of attention in the literature. This study revisits these issues of IPO activities under the Covid-19 pandemic with a focus on the Turkish IPO market....

This paper provides empirical evidence on initial public offerings (IPOs) by investigating the pricing and long-run performance of IPOs using a unique data set collected on the German capital market before World War I. Our findings indicate that underpricing of IPOs has existed, but has...