Initial Public Offerings

Topics:
IPO
Tags:
Finance,
Financial Planning,
Financial Services,
Investment,
IPO,
University Of Aarhus
Source:
University of Aarhus

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Overview: Going public marks an important watershed in the life of a company. It provides access to public equity capital and so may lower the cost of funding the company's operations and investments. Three puzzling features of the performance of Initial Public Offerings (IPOs) have been highlighted. From early on, it has been documented that when companies go public, the shares they sell tend to be underpriced, in that the share price jumps substantially on the first day of trading. Secondly, the market for initial public offerings is subject to a recurring pattern of alternating hot and cold periods characterized by respectively high and low initial returns. Finally, it has been shown that IPOs yield significantly negative abnormal returns in the longer run.

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Format: PDF | Size: 588KB | Date: Apr 2005 | Pages: 92

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