G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4597
DP4597 Explaining Anglo-German Productivity Differences in Services Since 1870
Stephen Broadberry
发表日期2004-09-23
出版年2004
语种英语
摘要The average firm going public or issuing new equity underperforms the market in the long run. A potential explanation of this long-run underperformance has to do with the endogeneity of the number of new issues. That is, due to the clustering of events after periods of high abnormal returns in issues, ex post measures of average abnormal returns may be negative on average despite zero ex ante abnormal returns. This could lead one to incorrectly infer underperformance. We provide a thorough evaluation of the endogeneity problem in event studies as it relates to long-run underperformance and undertake both theoretical and simulation analyses. We argue that it is unlikely that the endogeneity of the number of new issues explains the long-run underperformance in equity issuances.
主题Financial Economics
关键词Abnormal return measures Endogenous events Event studies Initial public offerings Long-run underperformance Pseudo market timing
URLhttps://cepr.org/publications/dp4597
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/533518
推荐引用方式
GB/T 7714
Stephen Broadberry. DP4597 Explaining Anglo-German Productivity Differences in Services Since 1870. 2004.
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