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Benchmark-Sensitivity Of Ipo Long-Run Performance: An Empirical Study For Germany

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  • Annemarie Sapusek

Abstract

This paper analyzes the long-run performance of German IPOs of the years 1983 – 1993 compared with various benchmark-indexes and matching firms – and for different subperiods with and without the inclusion of the underpricing effect. We briefly discuss theoretical positions, which predict a neutral aftermarket performance of equity issues or an under/overperformance. Depending on the benchmark used for comparison and the IPO cohort considered, we find neutral, over-, or underperformance of the IPOs. We use Dimson/Marsh buy-and-hold abnormal returns for the long-run performance measurement and present several hypotheses to explain the underperformance.

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  • Annemarie Sapusek, 2000. "Benchmark-Sensitivity Of Ipo Long-Run Performance: An Empirical Study For Germany," Schmalenbach Business Review (sbr), LMU Munich School of Management, vol. 52(4), pages 374-405, October.
    • Handle: RePEc:sbr:abstra:v:52:y:2000:i:4:p:374-405
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    Cited by:

    1. Cristiana Cardi & Camilla Mazzoli & Sabrina Severini, 2019. "People have the power: post IPO effects of intellectual capital disclosure," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 43(2), pages 228-255, April.
    2. Boissin, Romain, 2012. "Are financial analysts of IPO firms under pressure: the European evidence," MPRA Paper 36057, University Library of Munich, Germany.
    3. Gautam Das & Malayendu Saha & Abhijit Kundu, 2016. "Analyzing Long-run Performance of Select Initial Public Offerings Using Monthly Returns: Evidence from India," Vision, , vol. 20(3), pages 237-248, September.
    4. Oehler, Andreas & Rummer, Marco & Smith, Peter N., 2004. "IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany," Discussion Papers 26, University of Bamberg, Chair of Finance.
    5. Carsten Burhop, 2011. "The Underpricing of Initial Public Offerings at the Berlin Stock Exchange, 1870–96," German Economic Review, Verein für Socialpolitik, vol. 12(1), pages 11-32, February.
    6. Dimitrios Gounopoulos & Johannes Hoebelt, 2013. "Development in financial markets and the performance of German IPOs," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 20, pages 421-462, Edward Elgar Publishing.

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