Is IPO underperformance a peso problem?:
Recent studies suggest that the underperformance of IPOs in the post-1970 sample may be a small sample effect or ﾓPesoﾔ problem. That is, IPO underperformance may result from observing too few star performers ex-post than were expected ex-ante. We develop a model of IPO performance that captures thi...
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2006
|
| Series: | Working paper series / National Bureau of Economic Research
12203 |
| Online Access: | Volltext |
| Summary: | Recent studies suggest that the underperformance of IPOs in the post-1970 sample may be a small sample effect or ﾓPesoﾔ problem. That is, IPO underperformance may result from observing too few star performers ex-post than were expected ex-ante. We develop a model of IPO performance that captures this intuition by allowing returns to be drawn from mixtures of outstanding, benchmark, or poor performing states. We estimate the model under the null of no ex-ante average IPO underperformance and construct small sample distributions of various statistics measuring IPO relative performance. We find that small sample biases are extremely unlikely to account for the magnitude of the post-1970 IPO underperformance observed in data. |
| Item Description: | Literaturverz. S. 35 - 39 |
| Physical Description: | 47 S. graph. Darst. 22 cm |
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| 520 | |a Recent studies suggest that the underperformance of IPOs in the post-1970 sample may be a small sample effect or ﾓPesoﾔ problem. That is, IPO underperformance may result from observing too few star performers ex-post than were expected ex-ante. We develop a model of IPO performance that captures this intuition by allowing returns to be drawn from mixtures of outstanding, benchmark, or poor performing states. We estimate the model under the null of no ex-ante average IPO underperformance and construct small sample distributions of various statistics measuring IPO relative performance. We find that small sample biases are extremely unlikely to account for the magnitude of the post-1970 IPO underperformance observed in data. | ||
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| id | DE-604.BV023592138 |
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| index_date | 2024-07-02T22:41:29Z |
| indexdate | 2024-07-09T21:25:12Z |
| institution | BVB |
| language | English |
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| physical | 47 S. graph. Darst. 22 cm |
| publishDate | 2006 |
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| publisher | National Bureau of Economic Research |
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| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Ang, Andrew Verfasser (DE-588)124420907 aut Is IPO underperformance a peso problem? Andrew Ang ; Li Gu ; Yael V. Hochberg Cambridge, Mass. National Bureau of Economic Research 2006 47 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 12203 Literaturverz. S. 35 - 39 Recent studies suggest that the underperformance of IPOs in the post-1970 sample may be a small sample effect or ﾓPesoﾔ problem. That is, IPO underperformance may result from observing too few star performers ex-post than were expected ex-ante. We develop a model of IPO performance that captures this intuition by allowing returns to be drawn from mixtures of outstanding, benchmark, or poor performing states. We estimate the model under the null of no ex-ante average IPO underperformance and construct small sample distributions of various statistics measuring IPO relative performance. We find that small sample biases are extremely unlikely to account for the magnitude of the post-1970 IPO underperformance observed in data. Gu, Li Verfasser (DE-588)131674986 aut Hochberg, Yael V. Verfasser (DE-588)13188719X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 12203 (DE-604)BV002801238 12203 http://papers.nber.org/papers/w12203.pdf kostenfrei Volltext |
| spellingShingle | Ang, Andrew Gu, Li Hochberg, Yael V. Is IPO underperformance a peso problem? |
| title | Is IPO underperformance a peso problem? |
| title_auth | Is IPO underperformance a peso problem? |
| title_exact_search | Is IPO underperformance a peso problem? |
| title_exact_search_txtP | Is IPO underperformance a peso problem? |
| title_full | Is IPO underperformance a peso problem? Andrew Ang ; Li Gu ; Yael V. Hochberg |
| title_fullStr | Is IPO underperformance a peso problem? Andrew Ang ; Li Gu ; Yael V. Hochberg |
| title_full_unstemmed | Is IPO underperformance a peso problem? Andrew Ang ; Li Gu ; Yael V. Hochberg |
| title_short | Is IPO underperformance a peso problem? |
| title_sort | is ipo underperformance a peso problem |
| url | http://papers.nber.org/papers/w12203.pdf |
| volume_link | (DE-604)BV002801238 |
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