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Isola, M., Teixeira, F. & Ferreira, F. (2014). Initial underpricing and the Lisbon Euronext-listed companies. Procedia - Social and Behavioral Sciences. 110, 1116-1123
M. N. Isola et al., "Initial underpricing and the Lisbon Euronext-listed companies", in Procedia - Social and Behavioral Sciences, vol. 110, pp. 1116-1123, 2014
@article{isola2014_1731867425277, author = "Isola, M. and Teixeira, F. and Ferreira, F.", title = "Initial underpricing and the Lisbon Euronext-listed companies", journal = "Procedia - Social and Behavioral Sciences", year = "2014", volume = "110", number = "", doi = "10.1016/j.sbspro.2013.12.958", pages = "1116-1123", url = "http://www.journals.elsevier.com/procedia-social-and-behavioral-sciences" }
TY - JOUR TI - Initial underpricing and the Lisbon Euronext-listed companies T2 - Procedia - Social and Behavioral Sciences VL - 110 AU - Isola, M. AU - Teixeira, F. AU - Ferreira, F. PY - 2014 SP - 1116-1123 SN - 1877-0428 DO - 10.1016/j.sbspro.2013.12.958 UR - http://www.journals.elsevier.com/procedia-social-and-behavioral-sciences AB - This study aims to determine the level of initial underpricing in the Euronext Lisbon-listed companies during a period (1990 - 2010) that includes the effects of the current global financial crisis. We employed two methods of analysis: one for the short-term (i.e. the market adjusted abnormal returns (MAAR)), and the other for the long-term (i.e. the buy-and-hold abnormal returns (BHAR)). The results suggest the existence of low efficiency in the Portuguese stock market, generating underpricing for Initial Public Offerings (IPOs) in the short-term with positive MAARs. The same situation occurs for the long-term, where companies present positive BHARs. ER -