全球智库信息集成服务系统(G2TT): Abnormal Returns in Privatization Public Offerings: The Case of Portuguese Firms

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	Abnormal Returns in Privatization Public Offerings: The Case of Portuguese Firms
	Ana Paula Serra; Carla Vieira
发表日期	2005
出处	Economy and Society
出版年	2005
语种	英语
摘要	This paper provides evidence on abnormal returns of Portuguese privatization public offerings for the period from 1989 to 2001. Previous empirical studies report the existence of underpricing for privatized firms in the short-run and positive abnormal returns in the long run. This study explores the abnormal performance of a comprehensive sample of Portuguese privatization transactions and investigates the determinants of the observed price behavior. Our results are not supportive of the underpricing phenomenon except if we exclude the very extreme observations. The results show further that privatization IPOs underperform private sector IPOs. In the long run, we observe negative abnormal returns. While in early event months, privatization public offerings yield more negative returns than private sector offerings, this effect is reversed in longer horizon periods. Initial underpricing is thus reversed and investors seem to require higher returns in partial privatizations.
特色分类	G38,G32
关键词	Privatization,IPOs
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/abnormal-returns-in-privatization-public-offerings-the-case-of-portuguese-firms/
来源智库	Fondazione Eni Enrico Mattei (Italy)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/117156
推荐引用方式 GB/T 7714	Ana Paula Serra,Carla Vieira. Abnormal Returns in Privatization Public Offerings: The Case of Portuguese Firms. 2005.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
NDL2005-043.pdf（1022KB）	智库出版物		限制开放	CC BY-NC-SA	浏览