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1、UniversityofNewOrleansScholarWorks@UNODepartmentofEconomicsandFinanceWorkingDepartmentofEconomicsandFinancePapers,1991-20061-1-2000Longrununderperformanceofinitialpublicofferings:anexplanation;EdwardM.MillerUniversityofNewOrleansFollowthisandaddition
2、alworksat:http://scholarworks.uno.edu/econ_wpRecommendedCitationMiller,EdwardM.,"Longrununderperformanceofinitialpublicofferings:anexplanation;"(2000).DepartmentofEconomicsandFinanceWorkingPapers,1991-2006.Paper16.http://scholarworks.uno.edu/econ_wp/
3、16ThisWorkingPaperisbroughttoyouforfreeandopenaccessbytheDepartmentofEconomicsandFinanceatScholarWorks@UNO.IthasbeenacceptedforinclusioninDepartmentofEconomicsandFinanceWorkingPapers,1991-2006byanauthorizedadministratorofScholarWorks@UNO.Formoreinfor
4、mation,pleasecontactscholarworks@uno.edu.LongRunUnderperformanceofInitialPublicOfferings:AnExplanationbyEdwardM.Miller**ResearchProfessorofEconomicsandFinanceUniversityofNewOrleansNewOrleans,LA70148504-280-6913(work)504-280-6397(fax)504-283-3536(home
5、)ed765@aol.com(E-Mail)February6,2000AbstractInitialpublicofferings,eventhoughrisky,typicallyunderperformtheindicesforthefirstfewyearsafteroffering.Thiscanbeexplainedbyhighdivergenceofopinionraisingtheinitialmarketprice,andbythisdivergenceofopiniondec
6、liningovertime.Withtime,thevaluationofthepricesettingmarginalinvestorcomesclosertotheaverageinvestor’svaluation.Thistheoryalsoexplainswhythefirmswiththegreatestunderperformancearethosewithashortoperatinghistory,lowsales,lowprestigeunderwriters,lowins
7、titutionalownership,highvolatility,highunderpricingatthetimeofissuance,listingonregionalexchanges,andthoseincertainindustries.InthewellresearchedUSmarket,ithasbeendiscoveredthatinitialpublicofferings(IPO’s)underperformthemarketforthefirstfewyearsafte
8、rtheoffering,whenreturnismeasuredfromthestartoftradinguntilthreetofiveyearslater.Suchlongrununderperformancehasalsobeenreportedforothermarkets.Thiseffectshouldbedistinguishedfromthebetterknowntendencyforinitialpublicofferingstobeunderpriced,andtohenc
