| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12203 |
| 来源ID | Working Paper 12203 |
| Is IPO Underperformance a Peso Problem? | |
| Andrew Ang; Li Gu; Yael V. Hochberg | |
| 发表日期 | 2006-05-08 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Recent studies suggest that the underperformance of IPOs in the post-1970 sample may be a small sample effect or %u201CPeso%u201D problem. That is, IPO underperformance may result from observing too few star performers ex-post than were expected ex-ante. We develop a model of IPO performance that captures this intuition by allowing returns to be drawn from mixtures of outstanding, benchmark, or poor performing states. We estimate the model under the null of no ex-ante average IPO underperformance and construct small sample distributions of various statistics measuring IPO relative performance. We find that small sample biases are extremely unlikely to account for the magnitude of the post-1970 IPO underperformance observed in data. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w12203 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569856 |
| 推荐引用方式 GB/T 7714 | Andrew Ang,Li Gu,Yael V. Hochberg. Is IPO Underperformance a Peso Problem?. 2006. |
| 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 | ||
| w12203.pdf（232KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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