Signalling and the Long‐run Performance of Spanish Initial Public Offerings (IPOs)

Journal of Business Finance and Accounting - Tập 32 Số 1-2 - Trang 325-350 - 2005
Susana Álvarez Otero, Víctor Manuel González Méndez1
1The authors are from the University of Oviedo, Spain. They wish to thank the anonymous referee and the participants of the European Financial Management Association at Lugano (2001) and the Financial Management Association European Conference at Copenhagen (2002), especially Raghu Rau and Richard Pettway, for their relevant comments that helped to improve the paper. They are grateful for the help given by Susana Menéndez in the construction of firm portfolios. This work has benefited from financial support provided by the Dirección General de Enseñanza Superior e Investigación Científica, Project PB98-1526 and by the Ministerio de Ciencia y Tecnología, Project BEC2000-0982.

Tóm tắt

Abstract:  Academic research into firms that have gone public has focused on the study of two anomalies: initial underpricing and long‐run underperformance. We analyse Spanish Initial Public Offerings to provide additional evidence on the long‐run performance of IPOs and its relationship with initial underpricing. Results reveal the existence of negative long‐run abnormal stock returns, in line with the international literature. Long‐run performance presents a positive relationship with underpricing and the volume of funds obtained in seasoned offerings, in consonance with the predictions of Allen and Faulhaber (1989), Welch (1989) and Grinblatt and Hwang (1989).

Từ khóa


Tài liệu tham khảo

10.2307/3665609

10.2307/3665964

Aggarwal R. N.R.PrabhalaandM.Puri2002 ‘Institutional Allocation in Initial Public Offerings: Empirical Evidence’ Working Paper 9070 (National Bureau of Economic Research).

10.1016/0304-405X(89)90060-3

Alvarez S., 2001, ‘Las salidas a bolsa en España: características y rentabilidades iniciales’, Cuadernos de Economía y Dirección de la Empresa (CEDE), 9, 303

10.1080/02102412.2001.10779421

Ansotegui C.andJ.Fabregat1999 ‘Initial Public Offerings on the Spanish Stock Exchange’ Working Paper (ESADE).

10.1016/S0304-405X(96)00890-2

10.1016/S0304-405X(00)00040-4

10.1016/S0927-538X(97)00021-8

10.1016/S1042-444X(00)00051-7

Dhatt M. Y.KimandU.Lim1993 ‘The Short‐Run and Long‐Run Performance of Korean IPOs: 1980–90’ Mimeograph(University of Cincinnati).

Eckbo B.E.andO.Norli2001 ‘Risk and Long‐run IPO Returns’ Unpublished Working Paper (Tuck School of Business Dartmouth College NH).

10.1111/j.1540-6261.1992.tb04398.x

10.1016/0304-405X(93)90023-5

Farinós J.E., 2001, ‘Rendimientos anormales de las OPV en España’, Investigaciones Económicas, 417

Fernández P. E.Martínez‐AbascalandA.Rahnema1993 ‘Initial Public Offerings (IPOs): The Spanish Experience’ Working Paper No. 243(IESE University of Navarra).

Freixas X.andA.Inurrieta1991 ‘Infravaloración en las salidas a bolsa’ Working Paper No. 91–21 (FEDEA Madrid).

10.1111/j.1540-6261.1989.tb05063.x

10.1016/0304-405X(94)00797-5

Hin T., 1993, ‘The Long‐Run Performance of Initial Public Offerings in Singapore’, Securities Industry Review, 19, 47

10.1016/0304-405X(75)90015-X

10.1111/j.1745-6622.1994.tb00395.x

Jacquillat B.1986 ‘French Auctions of Common Stock: Methods and Techniques of New Issues 1966–86’ Going Public: An International Overview Working Paper No. 2.

10.1016/0889-1583(90)90020-7

10.1016/0014-2921(88)90194-8

10.1016/0927-538X(95)00016-E

10.1016/0304-405X(89)90058-5

10.1016/0378-4266(93)00016-I

10.1016/0378-4266(95)00053-4

10.2307/3665963

Ljungqvist A., 1996, Empirical Issues in Raising Equity Capital

10.1016/S0014-2921(96)00035-9

10.1016/0304-405X(93)90006-W

10.1111/j.1540-6261.1995.tb05166.x

10.1016/0927-538X(94)90016-7

10.1111/0022-1082.00101

10.1111/j.1468-5957.1993.tb00658.x

10.1093/rfs/7.2.279

10.1016/0927-538X(96)00013-3

10.1086/296260

Ritter J., 1984, ‘Signalling and the Valuation of Unseasoned New Issues: A Comment’, The Journal of Finance, 39, 1.231, 10.1111/j.1540-6261.1984.tb03907.x

10.1016/0304-405X(87)90005-5

10.1111/j.1540-6261.1991.tb03743.x

Rydqvist K.1993 ‘Initial Public Offerings in Sweden’ Working Paper No. 48(Stockholm School of Economics).

10.1111/j.1540-6261.1989.tb05064.x

Thông tin
Thông tin xuất bản

Journal of Business Finance and Accounting

Tập 32 Số 1-2

325-350

Thông tin tác giả