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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. 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.
    2. Dimitrios Gounopoulos & Johannes Hoebelt, 2013. "Development in financial markets and the performance of German IPOs," Chapters,in: Handbook of Research on IPOs, chapter 20, pages 421-462 Edward Elgar Publishing.
    3. Boissin, Romain, 2012. "Are financial analysts of IPO firms under pressure: the European evidence," MPRA Paper 36057, University Library of Munich, Germany.

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