I compare long-run buy-and-hold returns of privatization initial public offerings
to those of domestic stock markets of respective countries using a sample of 243
privatization initial public offerings from 47 countries. The evidence indicates
that the privatization IPOs significantly outperform their domestic stock markets.
However, there are substantial variations in the long-run performance of
privatization IPOs across industries, issuing countries, and offer size. In
addition to comparing privatization IPO returns to the market return, the time
serial determinants of long-run buy-and-hold returns of privatization shares are
analyzed. The results indicate that the long-run performance of privatization IPOs
is moderately related to the proxies of policy uncertainty, consistent with the
signaling models of Perotti (1995). This effects appear to be overwhelming in the
earlier post-IPO period, while the traditional market factors become important as
the policy uncertainty disappears with the time elapsed.
학술대회/행사
학술대회안내
[2002년 제 4차] Determinants of Long-Run Stock Performance of Priva
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2003-07-12
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