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Risk and Return on Newly Listed Stocks: The Post-Listing Experience

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  • Bhandari, Arvind
  • et al
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    Abstract

    Researchers consistently find that newly listed stocks underperform in the post-listing period. It has been suggested that this anomalous finding may, in part, be explained away if the risk during this period is lower than at other times. Evidence is presented here that the riskiness of newly listed stocks undergoes a seasoning process. Instead of lower risk, riskiness is found to be greater immediately after listing than in later periods. This suggests that the post-listing anomaly is actually worse than has been previously recognized.

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    Bibliographic Info

    Article provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.

    Volume (Year): 12 (1989)
    Issue (Month): 2 (Summer)
    Pages: 93-102

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    Handle: RePEc:bla:jfnres:v:12:y:1989:i:2:p:93-102

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    Web page: http://www.southwesternfinance.org/
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    Cited by:
    1. McConnell, John J. & Dybevik, Heidi J. & Haushalter, David & Lie, Erik, 1996. "A survey of evidence on domestic and international stock exchange listings with implications for markets and managers," Pacific-Basin Finance Journal, Elsevier, vol. 4(4), pages 347-376, December.
    2. David Abad & Antonio Rubia, 1999. "- Evaluation Of The Fixing Trading System In The Spanish Market," Working Papers. Serie EC 1999-17, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    3. Sun, Qian & Tang, Yuen-Kin & Tong, Wilson H. S., 2002. "The impacts of mass delisting: Evidence from Singapore and Malaysia," Pacific-Basin Finance Journal, Elsevier, vol. 10(3), pages 333-351, June.

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