The new issues puzzle revisited: The role of firm quality in explaining IPO returns

Magnus Blomkvist (), Timo Korkeamäki () and John Pettersson
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Magnus Blomkvist: Audencia Business School
Timo Korkeamäki: Hanken School of Economics - Hanken School of Economics
John Pettersson: Hanken School of Economics - Hanken School of Economics

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Abstract: We study the risk and return characteristics of IPOs for to 60 months. After controlling for Asness et al.'s (2014) quality minus junk factor, IPOs outperform the benchmark portfolios. The previously-documented negative abnormal IPO returns may derive from inaccurate benchmarks. JEL Classification: G12; G32

Keywords: Firm Quality; IPOs; Long-Run Performance (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

Published in Economics Letters, 2017, 159, pp.88-91. ⟨10.1016/j.econlet.2017.07.022⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01578933

DOI: 10.1016/j.econlet.2017.07.022

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