Title:

Explanatory Theories of Stock Returns in the Long Run after IPO – Literature Review

Group publication title:

Financial Sciences. Nauki o Finansach

Title in english:

Teorie wyjaśniające stopy zwrotu akcji w długim okresie po IPO – przegląd literatury

Creator:

Żyła, Martyna

Subject and Keywords:

IPO ; initial public offering ; underperformance ; long-run performance ; behavioural theories ; pierwsza oferta publiczna ; niedowartościowanie ; długoterminowe reakcje cenowe ; teorie behawioralne

Description:

Financial Sciences. Nauki o Finansach, 2022, vol. 27, no. 2, s. 95-105

Abstrakt:

Negative returns of shares in the long run after initial public offerings have been confirmed on many markets, however the explanation for the cause of this phenomenon is ambiguous. Investigating underperformance is important because it allows for a better understanding of the role of the stock markets in the financial system. Such a market anomaly influences the behaviour of investors in the long run. Underperformance features in an extensive body of empirical literature and has been confirmed in most cases, yet it is inconclusive as to what affects such phenomenona on the markets. The purpose of this paper was to present the explanatory theories based on the behaviour of market participants and to summarise the explanatory variables of underperformance that stem from the theory.

Publisher:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Place of publication:

Wrocław

Date:

2022

Resource Type:

artykuł

Resource Identifier:

doi:10.15611/fins.2022.2.08

Language:

eng

Relation:

Financial Sciences. Nauki o Finansach, 2022, vol. 27, no. 2

Rights:

Pewne prawa zastrzeżone na rzecz Autorów i Wydawcy

Access Rights:

Dla wszystkich zgodnie z licencją

License:

CC BY-SA 4.0

Location:

Uniwersytet Ekonomiczny we Wrocławiu