Mit i al min mærkværdige research har jeg fundet lidt data på IPO´s som er interessant.
Conclusion:
This study documented overall IPO-aftermarket underperformance during the 1991 to 1997 period, which is consistent with the majority of prior research conducted in other periods. In the aggregate, the data shows a statistically significant correlation between firm age-at-IPO and post-IPO excess returns. However, when the firms were disaggregated into technology and non-technology panels, the data suggested that the relationship between age and returns is different between the two categories.
Among technology enterprises, very young firms outperformed older firms, though the difference in return between the two age groups did not rise to a high level of statistical significance. We note that the performance of young technology firms may have been a peculiar result, distorted by the dramatically rising market of 1995-2000. The study also offers the alternative idea that the market may have underestimated the unusually strong prospects of this group of young technology IPO's relative to older technology firms.
Non-technology firms, on the other hand, exhibited a positive monotone correlation between firm age and excess holding period returns. A regression confirmed this positive relationship, established at a high degree of statistical significance.
Finally, the study examined the distressed de-listing rates for the three-year period following IPO for the data set, and found a consistent negative relationship between age- at-IPO and distressed de-listings for both technology and non-technology firms.
clark.pdf
Conclusion:
This study documented overall IPO-aftermarket underperformance during the 1991 to 1997 period, which is consistent with the majority of prior research conducted in other periods. In the aggregate, the data shows a statistically significant correlation between firm age-at-IPO and post-IPO excess returns. However, when the firms were disaggregated into technology and non-technology panels, the data suggested that the relationship between age and returns is different between the two categories.
Among technology enterprises, very young firms outperformed older firms, though the difference in return between the two age groups did not rise to a high level of statistical significance. We note that the performance of young technology firms may have been a peculiar result, distorted by the dramatically rising market of 1995-2000. The study also offers the alternative idea that the market may have underestimated the unusually strong prospects of this group of young technology IPO's relative to older technology firms.
Non-technology firms, on the other hand, exhibited a positive monotone correlation between firm age and excess holding period returns. A regression confirmed this positive relationship, established at a high degree of statistical significance.
Finally, the study examined the distressed de-listing rates for the three-year period following IPO for the data set, and found a consistent negative relationship between age- at-IPO and distressed de-listings for both technology and non-technology firms.
clark.pdf
3/5 2011 09:08 collersteen 0
42055 Her en gut fra Florida der har skrevet rigtig meget om IPO.... IPO overperformer som grundregel på den korte bane.
http://bear.warrington.ufl.edu/ritter/pbritter.htm
Jeg har selv engang undersøgt underpricing-fænomenet ifm. .com-boblen. Givet en lidt specielt periode mht. underpricing, men det var tydeligt at jo længere tid der gik, jo dårligere blev performance.
Men klar overperformance på den korte bane.
http://bear.warrington.ufl.edu/ritter/pbritter.htm
Jeg har selv engang undersøgt underpricing-fænomenet ifm. .com-boblen. Givet en lidt specielt periode mht. underpricing, men det var tydeligt at jo længere tid der gik, jo dårligere blev performance.
Men klar overperformance på den korte bane.
