
market trading, for some of the benchmarks selected. The results are statistically sig-
nificant when the references are the value-weighted market index and the size and
book-to-market portfolio. We repeated the estimations including control variables
such as the age of the firm or the type of initial offer. These variables do not affect
the results reported here.
According to the results, the larger Spanish companies that go public during the
period of study are the ones that achieve better long-term performance. However, this
result is not significant for all the benchmarks used.
6.3.3 Firm’s performance and size
The change in performance of the sample ...