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The new issues puzzle revisited: The role of firm quality in explaining IPO returns

Listed author(s):
  • Magnus Blomkvist

    ()

    (Audencia Business School)

  • Timo Korkeamäki

    ()

    (Hanken School of Economics - Hanken School of Economics)

  • John Pettersson

    (Hanken School of Economics - Hanken School of Economics)

Registered author(s):

    We study the risk and return characteristics of IPOs for to 60 months. After controlling for Asness et al.'s (2014) quality minus junk factor, IPOs outperform the benchmark portfolios. The previously-documented negative abnormal IPO returns may derive from inaccurate benchmarks. JEL Classification: G12; G32

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    Paper provided by HAL in its series Post-Print with number hal-01578933.

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    Date of creation: 2017
    Publication status: Published in Economics Letters, Elsevier, 2017, 159, pp.88-91. <10.1016/j.econlet.2017.07.022>
    Handle: RePEc:hal:journl:hal-01578933
    DOI: 10.1016/j.econlet.2017.07.022
    Note: View the original document on HAL open archive server: http://hal-audencia.archives-ouvertes.fr/hal-01578933
    Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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