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2017
- handle: 10670/1.35p8sc
- hal: hal-01578933
- doi: 10.1016/j.econlet.2017.07.022
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.econlet.2017.07.022
Mots-clés
Firm Quality IPOs Long-Run Performance G - Financial Economics/G.G1 - General Financial Markets/G.G1.G12 - Asset Pricing • Trading Volume • Bond Interest Rates G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • GoodwillSujets proches
Standard of value Price policy, Industrial Retail pricing Price policy Competence Money market rates Rates, Interest Rate of interest Funds Funding Capitalization (Finance) Managerial finance Corporate financial management Financial management of corporations Financial management, Corporate Corporate finance Corporation finance Financial analysis of corporations Business finance Financial planning of corporations Knowledge, Classification of Capital assets Fixed assets Businesses Firms Companies Enterprises Business organizations Organizations, Business Business risk (Finance) Money risk (Finance) Finance, commerce, confiscations, etcCiter ce document
Magnus Blomkvist et al., « The new issues puzzle revisited: The role of firm quality in explaining IPO returns », HAL-SHS : économie et finance, ID : 10.1016/j.econlet.2017.07.022
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Résumé
We study the risk and return characteristics of IPOs for to 60 months. After controlling for Asness et al.'s (2014) quality minus junk factor, IPOs outperform the benchmark portfolios. The previously-documented negative abnormal IPO returns may derive from inaccurate benchmarks. JEL Classification: G12; G32