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Long-term Performance of Greek IPOs

Thomadakis, S, Nounis, C and Gounopoulos, D (2010) Long-term Performance of Greek IPOs European Financial Management.

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We analyse the long-run performance of 254 Greek IPOs that were listed during the period 1994–2002, 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.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > School of Economics
Authors :
Date : 7 June 2010
Identification Number : 10.1111/j.1468-036X.2010.00546.x
Uncontrolled Keywords : initial public offerings, long-term performance, market efficiency
Depositing User : Symplectic Elements
Date Deposited : 09 Feb 2016 11:34
Last Modified : 09 Feb 2016 11:34

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