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The new issues puzzle revisited: The role of firm quality in explaining IPO returns

Abstract : We study the risk and return characteristics of IPOs for to 60 months. After controlling for Asness et al.'s (2014) quality minus junk factor, IPOs outperform the benchmark portfolios. The previously-documented negative abnormal IPO returns may derive from inaccurate benchmarks. JEL Classification: G12; G32
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https://hal-audencia.archives-ouvertes.fr/hal-01578933
Contributor : Magnus Blomkvist <>
Submitted on : Wednesday, August 30, 2017 - 1:37:05 PM
Last modification on : Thursday, September 7, 2017 - 1:03:07 AM

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Magnus Blomkvist, Timo Korkeamäki, John Pettersson. The new issues puzzle revisited: The role of firm quality in explaining IPO returns. Economics Letters, Elsevier, 2017, 159, pp.88-91. ⟨10.1016/j.econlet.2017.07.022⟩. ⟨hal-01578933⟩

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