Publicação
Underpricing of initial public offerings: the case of Portugal
| dc.contributor.author | Borges, Maria Rosa | |
| dc.date.accessioned | 2024-05-03T14:22:47Z | |
| dc.date.available | 2024-05-03T14:22:47Z | |
| dc.date.issued | 2007 | |
| dc.description.abstract | This paper analyzes the initial public offering (IPO) underpricing phenomenon in Portugal. We show that the ‘hot issue’ market of 1987, coinciding with a speculative bubble in the stock market, is well explained by investor sentiment theories and that the issuing firms seized a ‘window of opportunity’ provided by excessive demand to offer and list their shares. In IPOs prior to the 1987 crash, underpricing is very high while there is a strong reversion to fundamentals in the long run. In the period 1988–2004, we find lower IPO underpricing and overall no evidence of long-run underperformance of IPO firms. Bookbuilding IPOs are more underpriced than other price setting systems IPOs, and firms with seasoned public offerings show abnormal returns in the long run. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Borges, Maria Rosa .(2007). “Underpricing of initial public offerings: the case of Portugal”, International Advances in Economic Research, Volume 13, Nº 1: pp. 65–80. (Search PDF in 2024). | pt_PT |
| dc.identifier.issn | 1083-0898 | |
| dc.identifier.uri | http://hdl.handle.net/10400.5/30915 | |
| dc.language.iso | eng | pt_PT |
| dc.publisher | Springer | pt_PT |
| dc.subject | Hot-Issue Markets | pt_PT |
| dc.subject | Initial Public Offering (IPO) | pt_PT |
| dc.subject | Investor Sentiment | pt_PT |
| dc.subject | Underpricing | pt_PT |
| dc.title | Underpricing of initial public offerings: the case of Portugal | pt_PT |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | article | pt_PT |