EconPapers    
Economics at your fingertips  
 

Performance of Spanish firms going public: windows of opportunity and the informative effect

Susana Alvarez and Victor Gonzalez ()

Applied Financial Economics, 2005, vol. 15, issue 18, 1283-1297

Abstract: The aim of this paper is to analyse the performance of firms that went public on Madrid Stock Exchange in the period 1985-1997. Results show that no relation exists between the ownership structure of a firm and the decline in returns subsequent to its going public, although a signaling effect does exist with respect to the quality of the firm that is associated with the percentage of equity retained at the moment of going public. On the other hand, the decline in returns appears to be determined by the firms exploiting the existence of windows of opportunity and by the adjustment made by firms in their profit figures.

Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/09603100500391479 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:apfiec:v:15:y:2005:i:18:p:1283-1297

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAFE20

DOI: 10.1080/09603100500391479

Access Statistics for this article

Applied Financial Economics is currently edited by Anita Phillips

More articles in Applied Financial Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

 
Page updated 2025-03-20
Handle: RePEc:taf:apfiec:v:15:y:2005:i:18:p:1283-1297