Abstract
We study the risk and return characteristics of IPOs for up to 60 months. After controlling for Asness et al. (2014) quality minus junk factor, IPOs outperform the benchmark portfolios. The previously-documented negative abnormal IPO returns may derive from inaccurate benchmarks.
Original language | English |
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Pages (from-to) | 88-91 |
Number of pages | 4 |
Journal | Economics Letters |
Volume | 159 |
DOIs | |
Publication status | Published - 1 Oct 2017 |
MoE publication type | A1 Journal article-refereed |
Keywords
- Firm quality
- IPOs
- Long-run performance