Bildik, Recep; Yilmaz, Mustafa K. - In: Journal of BRSA Banking and Financial Markets 2 (2008) 2, pp. 49-76
existing factors such as market conditions (hot/cold), underwriters’ reputation, and firm characteristics (firm size, E/P, and … magnitude of underpricing is significantly lower, while underperformance is higher than those of in other studies. Our strong … evidence supports the existence of the underpricing by positive initial excess returns (5.94%) and the long …