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http://hdl.handle.net/10071/8433| Author(s): | Isola, M. Teixeira, F. Ferreira, F. |
| Date: | 2014 |
| Title: | Initial underpricing and the Lisbon Euronext-listed companies |
| Volume: | 110 |
| Pages: | 1116-1123 |
| Keywords: | Initial Public Offering (IPO) Underpricing Financial Markets |
| 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. |
| Peerreviewed: | Sim |
| Access type: | Open Access |
| Appears in Collections: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| publisher_version_procedia1116.pdf | 244,5 kB | Adobe PDF | View/Open |
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