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IPOs: insights from seven European countries

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  • Schuster, Josef Anton

Abstract

We perform a comparative country-by-country study of companies going public in the six largest Continental European markets and Sweden during 1988 and 1998, a time period characterized by IPO activity in a broad set of industries. By applying a common research methodology, we find broad similarity in the overall and cross-sectional initial pricing and long-run performance patterns. Positive long-run IPO performance is a function of a countries' ability to attract "New Economy" IPOs. This helps to shed some light on the rational behind the frantic efforts made be individual European Stock Exchanges to establish "New Market" segments during the late 1990s.

Suggested Citation

  • Schuster, Josef Anton, 2003. "IPOs: insights from seven European countries," LSE Research Online Documents on Economics 24860, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:24860
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    File URL: http://eprints.lse.ac.uk/24860/
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    References listed on IDEAS

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    Cited by:

    1. Bancel, Franck & Kalimipalli, Madhu & Mittoo, Usha R., 2009. "Cross-listing and the long-term performance of ADRs: Revisiting European evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 19(5), pages 895-923, December.

    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance
    • J1 - Labor and Demographic Economics - - Demographic Economics

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