Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/78091
Authors: 
Schlag, Christian
Wodrich, Anja
Year of Publication: 
2000
Series/Report no.: 
CFS Working Paper 2000/12
Abstract: 
This paper provides empirical evidence on initial public offerings (IPOs) by investigating the pricing and long-run performance of IPOs using a unique data set collected on the German capital market before World War I. Our findings indicate that underpricing of IPOs has existed, but has significantly decreased over time in our sample. Employing a mixture of distributions approach we also find evidence of price stabilization of IPOs. Concerning long-run performance, investors who bought their shares in the early after-market and held them for more than three years experienced significantly lower returns than the respective industry as a whole..
Subjects: 
Initial Public Offerings
Underpricing
Long-Run Underperformance
Prize Stabilization
Impact of Changing Stock-Market Regulation and Institution
JEL: 
G10
G14
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

Files in This Item:
File
Size
232.73 kB





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