Please use this identifier to cite or link to this item: http://hdl.handle.net/10316/90483
DC FieldValueLanguage
dc.contributor.authorSilva, Nuno-
dc.contributor.authorSebastião, Helder Miguel Correia Virtuoso-
dc.contributor.authorHenriques, Diogo-
dc.date.accessioned2020-07-31T09:34:23Z-
dc.date.available2020-07-31T09:34:23Z-
dc.date.issued2020-07-30-
dc.identifier.urihttp://hdl.handle.net/10316/90483-
dc.description.abstractThis paper investigates the pricing patterns of 161 IPOs that occurred in 2009-2017 in the Euronext markets of Amsterdam, Brussels, Lisbon, and Paris. Across all the IPOs, we find a first-day raw return of 1.4% and an industry-adjusted return of 1.2%. After one year, the average raw returns are slightly higher, around 4.5%, and the average adjusted returns are negative, around -2.7%. These first-day returns are lower whilst long-run returns are higher than those reported in other studies, most notably in those that use periods that overlap our sample Healthcare is the industry that presents a higher initial underpricing (2.3% industry-adjusted return), whilst the Technology industry presents the higher year underperformance (-29.5% industry-adjusted return). Mainly, results are in line with the market conditions and investor sentiment hypotheses according to which, when market conditions are bad (crises), uninformed investors are not so active and optimistic in the IPO market, hence initial underpricing and subsequent underperformance tend to be lower.pt
dc.language.isoengpt
dc.relation.ispartofseriesCeBER Working Paper 2020-15;-
dc.rightsopenAccesspt
dc.subjectIPO, Euronext, underpricing, market conditions, investor sentimentpt
dc.titleIPO patterns in Euronext after the global financial crisis of 2007-2008pt
dc.typeworkingPaperpt
degois.publication.firstPage1pt
degois.publication.lastPage24pt
degois.publication.locationhttps://www.uc.pt/en/uid/ceber/working-paper?key=d5b638e7pt
degois.publication.titleCeBER working Paper-15pt
dc.relation.publisherversionhttps://www.uc.pt/en/uid/ceber/working-paper?key=d5b638e7pt
dc.peerreviewedyespt
dc.date.embargo2020-07-30*
uc.date.periodoEmbargo0pt
item.fulltextCom Texto completo-
item.languageiso639-1en-
item.grantfulltextopen-
crisitem.author.deptFaculdade de Economia, Universidade de Coimbra-
crisitem.author.researchunitGroup for Monetary and Financial Studies-
crisitem.author.researchunitCentre for Business and Economics Research-
crisitem.author.orcid0000-0002-1743-6869-
Appears in Collections:I&D CeBER - Working Papers
Files in This Item:
File Description SizeFormat
WP_15.pdfIPO patterns in Euronext after the global financial crisis of 2007-2008592.37 kBAdobe PDFView/Open
Show simple item record

Page view(s)

46
checked on Aug 6, 2020

Download(s)

3
checked on Aug 6, 2020

Google ScholarTM

Check


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.