Publicação
Impact of public float on initial public offering performance: a comparative analysis across European and American Stock Exchanges
| Resumo: | This study investigates the effect public float has on one-year abnormal returns, measured by the Carhart Four-Factor Model. The study uses data from the listing venues Euronext, Frankfurt Stock Exchange, London Stock Exchange, Nasdaq, and NYSE to measure the relationship against linear and quadratic regression models and compares findings across changing market conditions and listing venues. The results indicate a negative linear relationship between public float and IPO performance for the general sample, Euronext venue, and US listing venues, with relevant implications for issuers, investors, and policymakers. |
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| Autores principais: | Königer, Finlay James |
| Assunto: | Ipo Public float Abnormal returns Ipo proceeds Equity issuance |
| Ano: | 2024 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| Resumo: | This study investigates the effect public float has on one-year abnormal returns, measured by the Carhart Four-Factor Model. The study uses data from the listing venues Euronext, Frankfurt Stock Exchange, London Stock Exchange, Nasdaq, and NYSE to measure the relationship against linear and quadratic regression models and compares findings across changing market conditions and listing venues. The results indicate a negative linear relationship between public float and IPO performance for the general sample, Euronext venue, and US listing venues, with relevant implications for issuers, investors, and policymakers. |
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