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http://hdl.handle.net/10071/8433
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Title: Initial underpricing and the Lisbon Euronext-listed companies
Authors: Isola, M.
Teixeira, F.
Ferreira, F.
Keywords: Initial Public Offering (IPO)
Underpricing
Financial Markets
Issue Date: 2014
Publisher: Elsevier
Abstract: This study aims to determine the level of initial underpricing in the Euronext Lisbon-listed companies during a period (1990 - 2010) that includes the effects of the current global financial crisis. We employed two methods of analysis: one for the short-term (i.e. the market adjusted abnormal returns (MAAR)), and the other for the long-term (i.e. the buy-and-hold abnormal returns (BHAR)). The results suggest the existence of low efficiency in the Portuguese stock market, generating underpricing for Initial Public Offerings (IPOs) in the short-term with positive MAARs. The same situation occurs for the long-term, where companies present positive BHARs.
Peer reviewed: Sim
URI: https://ciencia.iscte-iul.pt/public/pub/id/19014
http://hdl.handle.net/10071/8433
Publisher version: The definitive version is available at: http://dx.doi.org/10.1016/j.sbspro.2013.12.958
Appears in Collections:BRU-RI - Artigo em revista científica internacional com arbitragem científica

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