Skip to Main Content
Initial Public Offerings (IPO)
book

Initial Public Offerings (IPO)

by Greg N. Gregoriou
December 2005
Intermediate to advanced content levelIntermediate to advanced
464 pages
23h 14m
English
Butterworth-Heinemann
Content preview from Initial Public Offerings (IPO)
24 Initial Public Offerings
Table 2.4 Quality of sponsors and aftermarket returns
Excess return (%) Risk adjusted return (%) Quality
Holding Low High F-stat K–W Low High dummy
period quality quality H-stat quality quality (t-stat)
N-IPOs 327 57 327 57
1 Year 3.72 5.36 1.61 0.65 3.331 4.253 0.85
2 Years 4.45 22.18 5.49
a
5.09
a
16.275
b
12.947 2.62
a
3 Years 9.52 32.07 9.35
a
8.94
a
13.611 27.160 3.32
a
4 Years 22.30 29.60 11.74
a
9.10
a
10.931 49.148 3.68
a
5 Years 37.40 18.50 11.37
a
7.83
a
47.306 140.455
a
3.25
a
Panel A: CRI ranking. Equally weighted portfolios are composed on the basis of the quality of underwriters
(sponsors). Two measures of underwriter quality ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Start your free trial

You might also like

IPOs and Equity Offerings

IPOs and Equity Offerings

Ross Geddes

Publisher Resources

ISBN: 9780750679756