The investment and operating performance of Japanese initial public offerings
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 389-417 |
| Journal / Publication | Pacific Basin Finance Journal |
| Volume | 5 |
| Issue number | 4 |
| Publication status | Published - Sept 1997 |
Link(s)
Abstract
This paper studies long-run stock returns and the operating performance of 180 initial public offerings (IPOs) listed on the Tokyo Stock Exchange during the 1971-92 period. The aftermarket downward drift is not only confirmed but also found to be large in magnitude relative to a number of benchmarks. In contrast to evidence from the US, the post-issue deterioration in operating performance cannot be attributed to the reduced managerial ownership. This provides strong support for the 'windows of opportunity' explanation for the new issue puzzle by Loughran and Ritter (1995, 1996). © 1997 Elsevier Science B.V.
Research Area(s)
- Japanese initial public offerings, Long run performance, Operating measures, Ownership structure
Citation Format(s)
The investment and operating performance of Japanese initial public offerings. / Cai, Jun; Wei, K.C. John.
In: Pacific Basin Finance Journal, Vol. 5, No. 4, 09.1997, p. 389-417.
In: Pacific Basin Finance Journal, Vol. 5, No. 4, 09.1997, p. 389-417.
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
