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The short- and long-term performance of privatization initial public offerings in Europe

  • Haykel Hamdi
  • Duc Khuong Nguyen
  • Hassan Obeid

This article investigates the return behavior of privatization initial public offerings (PIPOs) in Europe over both the short- and long-run horizons. Using data from a sample of 162 PIPOs over the period 1986-2008, we show that European PIPOs outperform

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Paper provided by Department of Research, Ipag Business School in its series Working Papers with number 2014-241.

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Length: 10 pages
Date of creation: 01 Jan 2014
Date of revision:
Handle: RePEc:ipg:wpaper:2014-241
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  1. Loughran, Tim & Ritter, Jay R. & Rydqvist, Kristian, 1994. "Initial public offerings: International insights," Pacific-Basin Finance Journal, Elsevier, vol. 2(2-3), pages 165-199, May.
  2. Narjess Boubakri & Jean-Claude Cosset, 1998. "The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries," Journal of Finance, American Finance Association, vol. 53(3), pages 1081-1110, 06.
  3. Comstock, Arthur & Kish, Richard J. & Vasconcellos, Geraldo M., 2003. "The post-privatization financial performance of former state-owned enterprises," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 13(1), pages 19-37, February.
  4. Gajewski, Jean-François & Gresse, Carole, 2006. "A Survey of the European IPO Market," ECMI Papers 1207, Centre for European Policy Studies.
  5. Baron, David P, 1982. " A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues," Journal of Finance, American Finance Association, vol. 37(4), pages 955-76, September.
  6. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
  7. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
  8. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
  9. Blume, Marshall E. & Stambaugh, Robert F., 1983. "Biases in computed returns : An application to the size effect," Journal of Financial Economics, Elsevier, vol. 12(3), pages 387-404, November.
  10. 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.
  11. Ritter, Jay R., 1987. "The costs of going public," Journal of Financial Economics, Elsevier, vol. 19(2), pages 269-281, December.
  12. Jenkinson, Tim & Mayer, Colin, 1988. "The privatisation process in France and the U.K," European Economic Review, Elsevier, vol. 32(2-3), pages 482-490, March.
  13. Massimo Florio & Katiuscia Manzoni, 2004. "Abnormal returns of UK privatizations: from underpricing to outperformance," Applied Economics, Taylor & Francis Journals, vol. 36(2), pages 119-136.
  14. Seung-Doo Choi & Inmoo Lee & William Megginson, 2010. "Do Privatization IPOs Outperform in the Long Run?," Financial Management, Financial Management Association International, vol. 39(1), pages 153-185, 03.
  15. repec:dau:papers:123456789/8670 is not listed on IDEAS
  16. Menyah, Kojo & Paudyal, Krishna & Inyangete, Charles G., 1995. "Subscriber return, underpricing, and long-term performance of U.K. privatization initial public offers," Journal of Economics and Business, Elsevier, vol. 47(5), pages 473-495, December.
  17. John D. Lyon & Brad M. Barber & Chih-Ling Tsai, 1999. "Improved Methods for Tests of Long-Run Abnormal Stock Returns," Journal of Finance, American Finance Association, vol. 54(1), pages 165-201, 02.
  18. D'Souza, Juliet & Megginson, William & Nash, Robert, 2005. "Effect of institutional and firm-specific characteristics on post-privatization performance: Evidence from developed countries," Journal of Corporate Finance, Elsevier, vol. 11(5), pages 747-766, October.
  19. William L. Megginson & Robert C. Nash & Jeffry Netter & Adam L. Schwartz, 2000. "The Long-Run Return to Investors in Share Issue Privatizations," Financial Management, Financial Management Association, vol. 29(1), Spring.
  20. Dewenter, Kathryn L & Malatesta, Paul H, 1997. " Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison," Journal of Finance, American Finance Association, vol. 52(4), pages 1659-79, September.
  21. Ranko Jelic & Richard Briston, 1999. "Hungarian Privatisation Strategy and Financial Performance of Privatised Companies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 26(9-10), pages 1319-1357.
  22. Barber, Brad M. & Lyon, John D., 1997. "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 43(3), pages 341-372, March.
  23. Carla Vieira & Ana Paula Serra, 2006. "Abnormal Returns in Privatization Public Offerings: The case of Portuguese firms," Notas Económicas, Faculdade de Economia, Universidade de Coimbra, issue 23, pages 6-34, June.
  24. Paudyal, K. & Saadouni, B. & Briston, R. J., 1998. "Privatisation initial public offerings in Malaysia: Initial premium and long-term performance," Pacific-Basin Finance Journal, Elsevier, vol. 6(5), pages 427-451, November.
  25. Perotti, Enrico C, 1995. "Credible Privatization," American Economic Review, American Economic Association, vol. 85(4), pages 847-59, September.
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