A Note on Brazilian IPOs Performance in the Long Run
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This note examines the long-run performance of Brazilian IPOs based on a sample of 143 firms that went public , 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., A Note on Brazilian IPOs Performance in the Long RunResumo
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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2020-12-14
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