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https://doi.org/10.18045/zbefri.2020.1.71

Long-run price performance of local and dual class IPOs in alternative investment market

Abdul Wahid ; NUML School of Business, National University of Modern Languages (NUML), Sector H-9, Islamabad, Pakistan
Muhammad Zubair Mumtaz ; National University of Sciences & Technology (NUST), School of Social Sciences & Humanities (S3H), Sector H-12, Islamabad, Pakistan

Puni tekst: engleski, pdf (2 MB) str. 71-100 preuzimanja: 20* citiraj
APA 6th Edition
Wahid, A. i Mumtaz, M.Z. (2020). Long-run price performance of local and dual class IPOs in alternative investment market. Zbornik radova Ekonomskog fakulteta u Rijeci, 38 (1), 71-100. https://doi.org/10.18045/zbefri.2020.1.71
MLA 8th Edition
Wahid, Abdul i Muhammad Zubair Mumtaz. "Long-run price performance of local and dual class IPOs in alternative investment market." Zbornik radova Ekonomskog fakulteta u Rijeci, vol. 38, br. 1, 2020, str. 71-100. https://doi.org/10.18045/zbefri.2020.1.71. Citirano 11.08.2020.
Chicago 17th Edition
Wahid, Abdul i Muhammad Zubair Mumtaz. "Long-run price performance of local and dual class IPOs in alternative investment market." Zbornik radova Ekonomskog fakulteta u Rijeci 38, br. 1 (2020): 71-100. https://doi.org/10.18045/zbefri.2020.1.71
Harvard
Wahid, A., i Mumtaz, M.Z. (2020). 'Long-run price performance of local and dual class IPOs in alternative investment market', Zbornik radova Ekonomskog fakulteta u Rijeci, 38(1), str. 71-100. https://doi.org/10.18045/zbefri.2020.1.71
Vancouver
Wahid A, Mumtaz MZ. Long-run price performance of local and dual class IPOs in alternative investment market. Zbornik radova Ekonomskog fakulteta u Rijeci [Internet]. 2020 [pristupljeno 11.08.2020.];38(1):71-100. https://doi.org/10.18045/zbefri.2020.1.71
IEEE
A. Wahid i M.Z. Mumtaz, "Long-run price performance of local and dual class IPOs in alternative investment market", Zbornik radova Ekonomskog fakulteta u Rijeci, vol.38, br. 1, str. 71-100, 2020. [Online]. https://doi.org/10.18045/zbefri.2020.1.71
Puni tekst: hrvatski, pdf (2 MB) str. 71-100 preuzimanja: 7* citiraj
APA 6th Edition
Wahid, A. i Mumtaz, M.Z. (2020). Dugoročna stabilnost razine cijena lokalnih i dvostrukih inicijalnih javnih ponuda (IPO-a) na tržištu alternativnih ulaganja. Zbornik radova Ekonomskog fakulteta u Rijeci, 38 (1), 71-100. https://doi.org/10.18045/zbefri.2020.1.71
MLA 8th Edition
Wahid, Abdul i Muhammad Zubair Mumtaz. "Dugoročna stabilnost razine cijena lokalnih i dvostrukih inicijalnih javnih ponuda (IPO-a) na tržištu alternativnih ulaganja." Zbornik radova Ekonomskog fakulteta u Rijeci, vol. 38, br. 1, 2020, str. 71-100. https://doi.org/10.18045/zbefri.2020.1.71. Citirano 11.08.2020.
Chicago 17th Edition
Wahid, Abdul i Muhammad Zubair Mumtaz. "Dugoročna stabilnost razine cijena lokalnih i dvostrukih inicijalnih javnih ponuda (IPO-a) na tržištu alternativnih ulaganja." Zbornik radova Ekonomskog fakulteta u Rijeci 38, br. 1 (2020): 71-100. https://doi.org/10.18045/zbefri.2020.1.71
Harvard
Wahid, A., i Mumtaz, M.Z. (2020). 'Dugoročna stabilnost razine cijena lokalnih i dvostrukih inicijalnih javnih ponuda (IPO-a) na tržištu alternativnih ulaganja', Zbornik radova Ekonomskog fakulteta u Rijeci, 38(1), str. 71-100. https://doi.org/10.18045/zbefri.2020.1.71
Vancouver
Wahid A, Mumtaz MZ. Dugoročna stabilnost razine cijena lokalnih i dvostrukih inicijalnih javnih ponuda (IPO-a) na tržištu alternativnih ulaganja. Zbornik radova Ekonomskog fakulteta u Rijeci [Internet]. 2020 [pristupljeno 11.08.2020.];38(1):71-100. https://doi.org/10.18045/zbefri.2020.1.71
IEEE
A. Wahid i M.Z. Mumtaz, "Dugoročna stabilnost razine cijena lokalnih i dvostrukih inicijalnih javnih ponuda (IPO-a) na tržištu alternativnih ulaganja", Zbornik radova Ekonomskog fakulteta u Rijeci, vol.38, br. 1, str. 71-100, 2020. [Online]. https://doi.org/10.18045/zbefri.2020.1.71

Sažetak
Earlier studies document that IPOs are underpriced in the short-run and underperformed in the long-run. In almost all studies, researchers analyze the IPO performance using the dataset from highly liquid markets. However, the pricing behavior of IPOs in the Alternative Investment Market (AIM) is different. There is a reason to expect the price performance of IPOs in the AIM to be significantly different from IPO performance in traditional markets mainly because of the diminished liquidity of AIM offerings as well as the meager disclosures required in comparison to traditional markets. To test our propositions, we select 292 IPOs listed on AIM during the period between 2001 and 2016 and apply the Extreme Bound Analysis (EBA) to determine the factors that cause longer-term performance. This study reports that investors in the alternative markets earn significant positive returns if the stock is held for three years, and the price variation is dependent upon the firm size. This illustrates that investment in small-sized firms seems more profitable as compared to those of large-sized firms in the AIM. Moreover, this study examines statistical evidence bearing on the question of whether early investors in IPOs can expect abnormal excess returns in the long-run.

Ključne riječi
IPOs; long-run price performance; extreme bounds analysis; alternative investment market

Hrčak ID: 240196

URI
https://hrcak.srce.hr/240196

[hrvatski]

Posjeta: 48 *