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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Economics Letters, Elsevier, 2017, 159, pp.88-91. 〈10.1016/j.econlet.2017.07.022〉
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http://hal-audencia.archives-ouvertes.fr/hal-01578933
Contributeur : Magnus Blomkvist <>
Soumis le : mercredi 30 août 2017 - 13:37:05
Dernière modification le : jeudi 7 septembre 2017 - 01:03:07

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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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