The post-offering performance of IPOs in the health care industry

Hany Guirguis (), Joseph Onochie and Harry Rosen

Journal of Economics and Finance, 2001, vol. 25, issue 2, 194-205

Abstract: This paper investigates the post-offering performance of initial public offerings in the health care industry in a sample of 223 IPOs issued between 1985 and 1996. Statistically insignificant abnormal returns for IPOs relative to matched control firms and risk-adjusted health care index are evident for the whole sample. Thus, our empirical results support the overall information efficiency in the IPO market. However, numerical and statistical differences of the IPOs’ abnormal returns are documented in every subgroup specified according to the issuance years and sectors. We conjecture that such differences are due to the growing threat of government intervention and the significant structural changes.(JEL11, C11) Copyright Springer 2001

Date: 2001
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DOI: 10.1007/BF02744522

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