Long-term Performance of Greek IPOs

作者：Thomadakis Stavros^*; Nounis Christos; Gounopoulos Dimitrios

来源：European Financial Management, 2012, 18(1): 117-141.

DOI：10.1111/j.1468-036X.2010.00546.x

• initial public offerings
• long-term performance
• market efficiency
• G14
• G32
• G24

We analyse the long-run performance of 254 Greek IPOs that were listed during the period 19942002, computing buy-and-hold abnormal returns (BHAR) and cumulative abnormal returns (CAR) over 36 months of secondary market performance. The empirical results differ from international evidence and reveal long-term overperformance that continues for a substantial interval after listing. Measuring these returns in calendar time, we find statistical significance with several of the benchmarks employed. We also find that long-term overperformance is a feature of the mass of IPOs conducted during a pronounced IPO wave. Cross-sectional regressions of long-run performance disclose several significant factors. The study demonstrates that although Greek IPOs overperform the market for a longer period, underperformance eventually emerges, in line with much international evidence. Our interpretation is that the persistence of overperformance over a significant interval is due to excessive supply of issues during the hot IPO period. Results associated with pricing during the hot IPO period indicate positive short- (1-year), medium- (2-year) and negative long-term (3-year) performance.

• 出版日期2012-1