First-day and yearly yield following initial public offering in Israel 1998-2006

Elias Amiram, Sheaffer Zachary and Ben Zion Uri
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Elias Amiram: Economics and Management department, Ben Gurion University, Israel
Sheaffer Zachary: Economics and Management department, The Open University, Israel
Ben Zion Uri: Economics and Management department, Yezreel Academic College, Israel

Cuadernos de Economía - Spanish Journal of Economics and Finance, 2011, vol. 34, issue 96, 145-152

Abstract: Contrary to findings reported in the extant IPO literature between 2001 and 2006, average first-day returns in Israel's stock market resulted in a deficit return of -1.2% and the average one-year return resulted in an excess return of 10.5%. Estimating the relationship between yields and various explanatory variables, we found that daily yield is positively affected by excess demand and total equity capital, whilst negatively correlated with underwriting commissions, price of offerings and the total sum raised. The one-year return was found to be positively correlated with deficient underwriting and negatively correlated with first-day return and return on capital.

Keywords: Initial Public Offering; First-day returns; One-year return (search for similar items in EconPapers)
JEL-codes: G3 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:cud:journl:v:34:y:2011:i:96:p:145-152

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