The Long-Run Performance of Initial Public Offerings: The UK Experience 1980-1988

Mario Levis

Financial Management, 1993, vol. 22, issue 1

Abstract: Conventional wisdom suggests that the presence of positive first day returns for initial public offerings (IPOs). documented for almost every capital market in the world, constitutes evidence of deliberate underpricing. A number of recent studies, however, appear to cast doubt on this long-established position. They show that firms that obtained a public listing during the 1970s and 1980s underperformed similar size and industry firms by as much as 29% by the third anniversary of their first day of trading.

Date: 1993
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