The new issues puzzle revisited: The role of firm quality in explaining IPO returns

Magnus Blomkvist; Timo Korkeamäki; John Erik Pettersson

doi:10.1016/j.econlet.2017.07.022

The new issues puzzle revisited: The role of firm quality in explaining IPO returns

Magnus Blomkvist, Timo Korkeamäki, John Erik Pettersson

Finansiell ekonomi, Helsingfors

Forskningsoutput: Tidskriftsbidrag › Artikel › Vetenskaplig › Peer review

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We study the risk and return characteristics of IPOs for up to 60 months. After controlling for Asness et al. (2014) quality minus junk factor, IPOs outperform the benchmark portfolios. The previously-documented negative abnormal IPO returns may derive from inaccurate benchmarks.

Originalspråk	Engelska
Referentgranskad vetenskaplig tidskrift	Economics Letters
Volym	159
Nummer	October
Sidor (från-till)	88-91
Antal sidor	4
ISSN	0165-1765
DOI	https://doi.org/10.1016/j.econlet.2017.07.022
Status	Publicerad - 10.2017
MoE-publikationstyp	A1 Originalartikel i en vetenskaplig tidskrift

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512 Företagsekonomi

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10.1016/j.econlet.2017.07.022

QMJIPOfinal_18072017Accepterat manuskript, 64,3 KBLicens: CC BY-NC-ND

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title = "The new issues puzzle revisited: The role of firm quality in explaining IPO returns",

abstract = "We study the risk and return characteristics of IPOs for up to 60 months. After controlling for Asness et al. (2014) quality minus junk factor, IPOs outperform the benchmark portfolios. The previously-documented negative abnormal IPO returns may derive from inaccurate benchmarks.",

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author = "Magnus Blomkvist and Timo Korkeam{\"a}ki and Pettersson, {John Erik}",

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KW - Long-run performance

KW - Firm quality

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DO - 10.1016/j.econlet.2017.07.022

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The new issues puzzle revisited: The role of firm quality in explaining IPO returns

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