Are IPOs Still a Puzzle? A Survey of the Empirical Evidence from Europe

Emmanuel Boutron, Carole Gresse (), Jean-François Gajewski () and Florence Labégorre
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Emmanuel Boutron: CEROS - Centre d'Etudes et de Recherches sur les Organisations et la Stratégie - UPN - Université Paris Nanterre
Carole Gresse: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique
Jean-François Gajewski: IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12, IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc
Florence Labégorre: LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique

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Abstract: This survey aims at appraising the empirical research conducted on the European IPO markets as of the current date, and at determining to what extent IPO theories explain European IPO patterns. To that end, we first describe the going public process in Europe, its recent developments and its specificities in comparison with the organisation of American primary markets. Second, we review the empirical evidence on initial underpricing, long-term IPO performance and IPO-mechanism efficiency, based on European data, and we put it in perspective with the IPO theoretical literature.

Keywords: IPO; initial underpricing; long-term performance; IPO procedure; auction; fixed price offering; book-building; Europe; survey (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (10)

Published in Finance, 2007, 28 (2), pp.5-41

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00340102

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