TY  - UNPD
A1  - Schlag, Christian
A1  - Wodrich, Anja
T1  - Has there always been underpricing and long-run underperformance? : IPOs in Germany before World War I
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2000,12
N2  - This paper provides empirical evidence on initial public offerings (IPOs) by investigating the pricing and long-run performance of IPOs using a unique data set collected on the German capital market before World War I. Our findings indicate that underpricing of IPOs has existed, but has significantly decreased over time in our sample. Employing a mixture of distributions approach we also find evidence of price stabilization of IPOs. Concerning long-run performance, investors who bought their shares in the early after-market and held them for more than three years experienced significantly lower returns than the respective industry as a whole. Earlier versions of this paper were presented at the ABN-AMRO Conference on IPOs in Amsterdam, the Annual Meetings of the European Finance Association, the Annual Meetings of the Verein für Socialpolitik, the IX Tor Vergata International Conference on Banking and Finance in Rome, and at Johann Wolfgang Goethe-University in Frankfurt.
T3  - CFS working paper series - 2000, 12 
KW  - Initial Public Offerings
KW  - Underpricing
KW  - Long-Run Underperformance
KW  - Prize Stabilization
KW  - Impact of Changing Stock-Market Regulation and Institution
KW  - Institutional Setting on Underpricing
KW  - Emissionskurs
KW  - Going Public
KW  - Deutschland
KW  - Unterbewertung
Y1  - 2000
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4515
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-9760
ER  -