Privatisation Initial Public Offerings: the Polish Experience
The Polish government has preferred gradual direct sales to privatisation initial public offerings (PIPOs) by a 2.8 to 1 margin. Evidence suggests that the government has attempted to manage the timing of PIPOs. We, however, find no evidence of underpricing of PIPOs to a greater degree than that found for issues in the private sector. Both domestic and international investors in PIPOs earned predominantly positive buy-and-hold returns up to 36 months after listing. The difference between PIPOs and private sector IPOs average returns is statistically significant only for international investors. Copyright Blackwell Publishing Ltd, 2003.
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Volume (Year): 9 (2003)
Issue (Month): 4 ()
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