Initial underpricing and the Lisbon Euronext-listed companies

Detalhes bibliográficos
Autor(a) principal: Isola, M.
Data de Publicação: 2014
Outros Autores: Teixeira, F., Ferreira, F.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Texto Completo: https://ciencia.iscte-iul.pt/public/pub/id/19014
http://hdl.handle.net/10071/8433
Resumo: 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.
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spelling Initial underpricing and the Lisbon Euronext-listed companiesInitial Public Offering (IPO)UnderpricingFinancial MarketsThis 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.Elsevier2015-02-03T16:21:08Z2014-01-01T00:00:00Z20142015-02-03T16:20:17Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://ciencia.iscte-iul.pt/public/pub/id/19014http://hdl.handle.net/10071/8433engIsola, M.Teixeira, F.Ferreira, F.info:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2024-07-07T03:18:59Zoai:repositorio.iscte-iul.pt:10071/8433Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-28T18:20:37.663187Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv Initial underpricing and the Lisbon Euronext-listed companies
title Initial underpricing and the Lisbon Euronext-listed companies
spellingShingle Initial underpricing and the Lisbon Euronext-listed companies
Isola, M.
Initial Public Offering (IPO)
Underpricing
Financial Markets
title_short Initial underpricing and the Lisbon Euronext-listed companies
title_full Initial underpricing and the Lisbon Euronext-listed companies
title_fullStr Initial underpricing and the Lisbon Euronext-listed companies
title_full_unstemmed Initial underpricing and the Lisbon Euronext-listed companies
title_sort Initial underpricing and the Lisbon Euronext-listed companies
author Isola, M.
author_facet Isola, M.
Teixeira, F.
Ferreira, F.
author_role author
author2 Teixeira, F.
Ferreira, F.
author2_role author
author
dc.contributor.author.fl_str_mv Isola, M.
Teixeira, F.
Ferreira, F.
dc.subject.por.fl_str_mv Initial Public Offering (IPO)
Underpricing
Financial Markets
topic Initial Public Offering (IPO)
Underpricing
Financial Markets
description 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.
publishDate 2014
dc.date.none.fl_str_mv 2014-01-01T00:00:00Z
2014
2015-02-03T16:21:08Z
2015-02-03T16:20:17Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://ciencia.iscte-iul.pt/public/pub/id/19014
http://hdl.handle.net/10071/8433
url https://ciencia.iscte-iul.pt/public/pub/id/19014
http://hdl.handle.net/10071/8433
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
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instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
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collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
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