IDEAS home Printed from https://ideas.repec.org/a/bla/eufman/v9y2003i4p457-484.html
   My bibliography  Save this article

Privatisation Initial Public Offerings: the Polish Experience

Author

Listed:
  • Ranko Jelic
  • Richard Briston

Abstract

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.

Suggested Citation

  • Ranko Jelic & Richard Briston, 2003. "Privatisation Initial Public Offerings: the Polish Experience," European Financial Management, European Financial Management Association, vol. 9(4), pages 457-484.
  • Handle: RePEc:bla:eufman:v:9:y:2003:i:4:p:457-484
    as

    Download full text from publisher

    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1468-036X.00232
    File Function: link to full text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Farinos, Jose E. & Garcia, C. Jose & Ibanez, Ana Ma, 2007. "Operating and stock market performance of state-owned enterprise privatizations: The Spanish experience," International Review of Financial Analysis, Elsevier, vol. 16(4), pages 367-389.
    2. repec:taf:pocoec:v:29:y:2017:i:1:p:1-26 is not listed on IDEAS
    3. Krzysztof Jackowicz & Oskar Kowalewski & Łukasz Kozłowski & Paulina Roszkowska, 2017. "Issuing bonds, shares or staying private? Determinants of going public in an emerging economy," Post-Communist Economies, Taylor & Francis Journals, vol. 29(1), pages 1-26, January.
    4. repec:spr:fininn:v:2:y:2016:i:1:d:10.1186_s40854-016-0032-y is not listed on IDEAS
    5. Haykel Hamdi & Duc Khuong Nguyen & Hassan Obeid, 2014. "The short- and long-term performance of privatization initial public offerings in Europe," Working Papers 2014-241, Department of Research, Ipag Business School.
    6. Agathee, Ushad Subadar & Sannassee, Raja Vinesh & Brooks, Chris, 2012. "The underpricing of IPOs on the Stock Exchange of Mauritius," Research in International Business and Finance, Elsevier, vol. 26(2), pages 281-303.
    7. Henna Malik & Malik Muhammad Shehr Yar & Attiya Yasmin Javid, 2017. "New Issues Puzzle: Experience from Karachi Stock Exchange," Working Papers id:12182, eSocialSciences.
    8. Tomasz Jewartowski & Joanna Lizinska, 2012. "Short- and Long-Term Performance of Polish IPOs," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 48(2), pages 59-75, March.
    9. Tomasz Jewartowski & Joanna Lizinska, 2012. "Short- and Long-Term Performance of Polish IPOs," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 48(2), pages 59-75, March.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:eufman:v:9:y:2003:i:4:p:457-484. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum). General contact details of provider: http://edirc.repec.org/data/efmaaea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.