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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)
8 IPO initial returns on European ‘new
markets’
Giancarlo Giudici and Peter Roosenboom
Abstract
In this chapter we analyze a sample of 532 initial public offerings (IPOs), listed on
European ‘new markets’ up to December 2002. ‘New markets’ are exchanges designed
for high-growth fledging companies. We investigate the determinants of their first-day
returns. We find a mean first-day return (underpricing) equal to 35.7%. Market
returns, the IPO firm’s risk, and price revisions in the premarket are positively related to
first-day returns, whereas IPO deal flow is inversely related to underpricing.
8.1 Introduction
In 2000, more companies listed on European ...
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Publisher Resources

ISBN: 9780750679756