The new issues puzzle revisited: The role of firm quality in explaining IPO returns - Audencia Access content directly
Journal Articles Economics Letters Year : 2017

The new issues puzzle revisited: The role of firm quality in explaining IPO returns

Magnus Blomkvist
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Timo Korkeamäki
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Abstract

We study the risk and return characteristics of IPOs for to 60 months. After controlling for Asness et al.'s (2014) quality minus junk factor, IPOs outperform the benchmark portfolios. The previously-documented negative abnormal IPO returns may derive from inaccurate benchmarks. JEL Classification: G12; G32
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Dates and versions

hal-01578933 , version 1 (30-08-2017)

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Magnus Blomkvist, Timo Korkeamäki, John Pettersson. The new issues puzzle revisited: The role of firm quality in explaining IPO returns. Economics Letters, 2017, 159, pp.88-91. ⟨10.1016/j.econlet.2017.07.022⟩. ⟨hal-01578933⟩

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