Examining the Existence of Long-run Initial Public Offering (IPO) Underperformance at Three Different Stock Exchange Markets in Japan
نویسندگان
چکیده
منابع مشابه
Long run underperformance of initial public offerings: an explanation;
Initial public offerings, even though risky, typically underperform the indices for the first few years after offering. This can be explained by high divergence of opinion raising the initial market price, and by this divergence of opinion declining over time. With time, the valuation of the price setting marginal investor comes closer to the average investor’s valuation. This theory also expla...
متن کاملearning management & the long-run market performance of initial public offerings: evidences from tehran stock exchange (tse)
in this research, we investigate the influence of profit management on the long-term performance of ipos in tehran stock exchange. the ipos in 1378 to 1384 are used as our sample and their long-term return in a three-year period after the ipo are calculated. we start calculating the return from the first day after the month in which the financial statement of ipo is published. discretionary cur...
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ارزش در معرض ریسک یکی از مهمترین معیارهای اندازه گیری ریسک در بنگاه های اقتصادی می باشد. برآورد دقیق ارزش در معرض ریسک موضوع بسیارمهمی می باشد و انحراف از آن می تواند موجب ورشکستگی و یا عدم تخصیص بهینه منابع یک بنگاه گردد. هدف اصلی این مطالعه بررسی کارایی روش copula-garch شرطی در برآورد ارزش در معرض ریسک پرتفویی متشکل از دو سهام می باشد و ارزش در معرض ریسک بدست آمده با روشهای سنتی برآورد ارزش د...
A Theory of IPO Underpricing, Issue Activity, and Long-Run Underperformance
We present a dynamic model of an IPO market in which firms go public to raise capital for investment. The original shareholders have inside information with respect to the quality of their firm’s investment opportunities, and they decide whether to go public, how much capital to raise and invest, and how to price the IPO. Outside investors are of one of two types: some investors know and unders...
متن کاملThe long-run world consumption risk of international stock markets
A salient characteristic of recent developments in international financial markets is that the share of international assets in investors’ portfolios has increased. Taking the increase in international integration and consumption risk sharing among industrialized countries as given, this paper estimates the risk-aversion coefficient of a representative global investor who is concerned about the...
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ژورنال
عنوان ژورنال: Business Management and Strategy
سال: 2016
ISSN: 2157-6068
DOI: 10.5296/bms.v7i2.10126