Die Performance der Börsengänge am Neuen Markt

Wolfgang Gerke and Jörg Fleischer
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Wolfgang Gerke: Universität Erlangen-Nürnberg
Jörg Fleischer: Universität Erlangen-Nürnberg

Schmalenbach Journal of Business Research, 2001, vol. 53, issue 8, 827-839

Abstract: Summary This paper examines the initial returns and the aftermarket performance of new stock issues at the German “Neuer Markt”. For the 319 IPOs taking place between 1997 and 2000 we find an average underpricing of 49,98%. This figure is considerably larger than the initial returns documented for other German market segments. Depending on the year, the industry and the lead underwriter of the IPO, the underpricing of the Neuer Markt-stocks varies substantially. As far as the time-horizon is concerned the phenomenon is not just temporary. Both over a six-month and a twelve-month holding period the IPOs still outperform the market relative to the offer price. However, for the stocks issued in 1998 and 1999 the average abnormal return for the former period was larger than for the latter.

Date: 2001
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DOI: 10.1007/BF03372670

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