dc.contributor.author | Gregory, Alan | en_GB |
dc.contributor.author | Guermat, Cherif | en_GB |
dc.contributor.author | Al-Shawawrah, Fawaz | en_GB |
dc.date.accessioned | 2012-02-21T12:14:01Z | en_GB |
dc.date.accessioned | 2012-09-28T18:28:27Z | en_GB |
dc.date.accessioned | 2013-03-20T11:13:54Z | |
dc.date.issued | 2010-06 | en_GB |
dc.description.abstract | In this paper we examine a comprehensive set of 2,499 UK IPOs launched between mid-1975 and the end of 2004. We find compelling evidence of long run under-performance that persists for between 36 and 60 months post-flotation, depending on the precise method chosen to measure abnormal returns. Following Schultz (2003), we ask whether our results are consistent with 'pseudo-timing'. Equally-weighted returns in calendar time provide further evidence of under-performance, a result that favours the Loughran and Ritter (2000) behavioural timing hypothesis rather than the Schultz (2003) pseudo-timing hypothesis. However, we show that this under-performance is concentrated in AIM and USM stocks. When we measure value-weighted returns in calendar time we find that abnormal returns are not significantly different from zero. Further analysis shows that, consistent with the findings of other studies, IPO under-performance is concentrated in smaller firms. | en_GB |
dc.identifier.citation | Vol. 37, Issue 5-6, pages 612–647 | en_GB |
dc.identifier.doi | 10.1111/j.1468-5957.2010.02182.x | en_GB |
dc.identifier.uri | http://hdl.handle.net/10036/3832 | en_GB |
dc.publisher | Wiley-Blackwell | en_GB |
dc.subject | long run returns | en_GB |
dc.subject | market timing | en_GB |
dc.subject | initial public offerings (IPOs) | en_GB |
dc.subject | market share repurchases | en_GB |
dc.subject | abnormal stock returns | en_GB |
dc.subject | performance | en_GB |
dc.subject | underperformance | en_GB |
dc.subject | efficiency tests | en_GB |
dc.title | UK IPOs: long run returns, behavioural timing and pseudo timing | en_GB |
dc.type | Working Paper | en_GB |
dc.date.available | 2012-02-21T12:14:01Z | en_GB |
dc.date.available | 2012-09-28T18:28:27Z | en_GB |
dc.date.available | 2013-03-20T11:13:54Z | |
dc.identifier.issn | 0306-686X | en_GB |
dc.description | Working paper. Final version published in Journal of Business Finance & Accounting © 2010 Blackwell Publishing Ltd. Available online at http://onlinelibrary.wiley.com/ | en_GB |
dc.identifier.journal | Journal of Business Finance & Accounting | en_GB |