Market performance of US-listed Shipping IPOs
Merikas, A, Gounopoulos, D and Karli, C (2010) Market performance of US-listed Shipping IPOs Journal of Maritime Economics and Logistics, 12 (1). pp. 36-64.
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Abstract
This article empirically analyses the initial and aftermarket returns for US-listed Shipping initial public offerings (IPOs). Our main objective is to fulfil the great need for the US Shipping evidence on long-run performance of IPOs. We aim to test the extent to which signalling models explain the reasons for the issuance of IPOs using the long-term price performance approach. We concentrate on a sample of 61 IPOs listed during the period 1987–2007 in four major US Stock Exchanges, computing buy-and-hold abnormal returns (BHARs) and cumulative average returns (CARs). The results show that US-listed Shipping IPOs are underpriced on initial trading day on average by only 4.44 per cent, a figure that indicates an outstanding level of maturity for the shipping sector. In the long run, Shipping IPOs listed in the United States offer 1- , 2- and 3-year holding period returns (BHAR) of 7.50, 7.73 and 3.26 per cent, respectively. The conclusion suggested by those results is that investing in the United States is not a guaranteed investment for long-term Shipping IPOs-oriented investors.
Item Type: | Article | ||||||||||||
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Divisions : | Faculty of Arts and Social Sciences > Surrey Business School | ||||||||||||
Authors : |
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Date : | March 2010 | ||||||||||||
DOI : | 10.1057/mel.2009.18 | ||||||||||||
Uncontrolled Keywords : | shipping finance, initial public offerings, performance of IPOs, market volatility | ||||||||||||
Additional Information : | This is a post-peer-review, pre-copyedit version of an article published in Journal of Maritime Economics and Logistics. The definitive publisher-authenticated version Merikas, A. et al. (2010). Market performance of US-listed Shipping IPOs. Journal of Maritime Economics and Logistics, 12(1), 36-64, is available online at: http://www.palgrave-journals.com/mel/journal/v12/n1/abs/mel200918a.html | ||||||||||||
Depositing User : | Symplectic Elements | ||||||||||||
Date Deposited : | 25 Jan 2012 11:14 | ||||||||||||
Last Modified : | 31 Oct 2017 14:21 | ||||||||||||
URI: | http://epubs.surrey.ac.uk/id/eprint/154534 |
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