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    Initial returns: underpricing or overevaluation? Evidence from easdaq and euronm

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    Name:
    Manigart_S_WP_InitialReturnsUn ...
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    Publication type
    Working paper
    Author
    Manigart, Sophie
    De Maeseneire, Wouter
    Publication Year
    2003
    Publication Issue
    11
    Publication Number of pages
    48
    
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    Abstract
    This paper investigates initial returns of Easdaq and EuroNM IPOs and explains part of these returns. Average first day return of 300 IPOs introduced before October 1, 1999, is 36.01 %. The most significant explanatory variable is the mean return of previous IPOs, indicating that high initial returns are caused by too high first trading prices due to investor overreaction and positive market sentiment. Riskier IPOs present substantially higher initial returns. Venture capitalists are not able to significantly reduce initial returns, nor does size of the IPO influence initial returns. Our results indicate that high initial returns are caused by underpricing as well as overvaluation. Keywords: underpricing, investor sentiment, IPOs, initial returns
    Keyword
    Corporate Finance
    Knowledge Domain/Industry
    Accounting & Finance
    URI
    http://hdl.handle.net/20.500.12127/973
    Other links
    http://public.vlerick.com/Publications/f2598e99-69a9-e011-8a89-005056a635ed.pdf
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