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Publication Detailed Description
Journal Title
Procedia - Social and Behavioral Sciences
Year (definitive publication)
2014
Language
English
Country
Netherlands
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Abstract
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.
Acknowledgements
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Keywords
Initial Public Offering (IPO); Underpricing; Financial Markets
Fields of Science and Technology Classification
- Psychology - Social Sciences
- Other Social Sciences - Social Sciences
