
In the Spanish market the evidence in relation to the long-run performance fol-
lowing IPOs is not conclusive. On one hand, Álvarez and González (2005) analyzed
a sample of 56 initial public offerings in the period 1987 to 1997 employing alterna-
tive procedures to compute and test abnormal returns, and documented that the exis-
tence of long-run abnormal returns depends on the methodology employed. On the
other hand, Farinós (2001) analyzed a sample of 18 IPOs in the period 1993 to 1997
and verified that the abnormal monthly mean return of IPO firms in the post-
offering period is not statistically significant.
In this context, we consider that additional ...