A note on Brazilian IPOs performance in the long run

Detalhes bibliográficos
Autor(a) principal: Avelino,Ricardo
Data de Publicação: 2020
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402020000400402
Resumo: Abstract This note examines the long-run performance of Brazilian IPOs based on a sample of 143 firms that went public between 2004 and 2013. There is no evidence that IPOs underperform the market in the 60 months after going public. An investor would have to put 12.6% more money in an investment that mimics the index than in the IPOs to achieve the same terminal wealth level five years later. IPOs with the highest initial returns have the worst aftermarket performance and there is mixed evidence that larger IPOs underperform the smaller IPOs in the five years subsequent to the offerings.
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spelling A note on Brazilian IPOs performance in the long runIPOlong-run performancewealth relativeAbstract This note examines the long-run performance of Brazilian IPOs based on a sample of 143 firms that went public between 2004 and 2013. There is no evidence that IPOs underperform the market in the 60 months after going public. An investor would have to put 12.6% more money in an investment that mimics the index than in the IPOs to achieve the same terminal wealth level five years later. IPOs with the highest initial returns have the worst aftermarket performance and there is mixed evidence that larger IPOs underperform the smaller IPOs in the five years subsequent to the offerings.Fundação Getúlio Vargas2020-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402020000400402Revista Brasileira de Economia v.74 n.4 2020reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGV10.5935/0034-7140.20200019info:eu-repo/semantics/openAccessAvelino,Ricardoeng2021-05-12T00:00:00Zoai:scielo:S0034-71402020000400402Revistahttp://bibliotecadigital.fgv.br/ojs/index.php/rbe/issue/archivehttps://old.scielo.br/oai/scielo-oai.php||rbe@fgv.br1806-91340034-7140opendoar:2021-05-12T00:00Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)false
dc.title.none.fl_str_mv A note on Brazilian IPOs performance in the long run
title A note on Brazilian IPOs performance in the long run
spellingShingle A note on Brazilian IPOs performance in the long run
Avelino,Ricardo
IPO
long-run performance
wealth relative
title_short A note on Brazilian IPOs performance in the long run
title_full A note on Brazilian IPOs performance in the long run
title_fullStr A note on Brazilian IPOs performance in the long run
title_full_unstemmed A note on Brazilian IPOs performance in the long run
title_sort A note on Brazilian IPOs performance in the long run
author Avelino,Ricardo
author_facet Avelino,Ricardo
author_role author
dc.contributor.author.fl_str_mv Avelino,Ricardo
dc.subject.por.fl_str_mv IPO
long-run performance
wealth relative
topic IPO
long-run performance
wealth relative
description Abstract This note examines the long-run performance of Brazilian IPOs based on a sample of 143 firms that went public between 2004 and 2013. There is no evidence that IPOs underperform the market in the 60 months after going public. An investor would have to put 12.6% more money in an investment that mimics the index than in the IPOs to achieve the same terminal wealth level five years later. IPOs with the highest initial returns have the worst aftermarket performance and there is mixed evidence that larger IPOs underperform the smaller IPOs in the five years subsequent to the offerings.
publishDate 2020
dc.date.none.fl_str_mv 2020-12-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402020000400402
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402020000400402
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.5935/0034-7140.20200019
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Fundação Getúlio Vargas
publisher.none.fl_str_mv Fundação Getúlio Vargas
dc.source.none.fl_str_mv Revista Brasileira de Economia v.74 n.4 2020
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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