Benchmark-Sensitivity Of Ipo Long-Run Performance: An Empirical Study For Germany

Annemarie Sapusek

Schmalenbach Business Review (sbr), 2000, vol. 52, issue 4, 374-405

Abstract: This paper analyzes the long-run performance of German IPOs of the years 1983 – 1993 compared with various benchmark-indexes and matching firms – and for different subperiods with and without the inclusion of the underpricing effect. We briefly discuss theoretical positions, which predict a neutral aftermarket performance of equity issues or an under/overperformance. Depending on the benchmark used for comparison and the IPO cohort considered, we find neutral, over-, or underperformance of the IPOs. We use Dimson/Marsh buy-and-hold abnormal returns for the long-run performance measurement and present several hypotheses to explain the underperformance.

Date: 2000
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