dc.contributor.author |
Perera, K.L.W. |
|
dc.contributor.author |
Kulendran, N. |
|
dc.date.accessioned |
2017-02-20T05:46:28Z |
|
dc.date.available |
2017-02-20T05:46:28Z |
|
dc.date.issued |
2015-08-27 |
|
dc.identifier.citation |
Perera, K.L.W., & Kulendran, N. (2015). Why Does Underperformance of IPOs in the Long-Run Become Debatable? A Theoretical Review. 04th International Conference on Management and Economics, University of Ruhuna, Matara. |
en_US, si_LK |
dc.identifier.uri |
http://dr.lib.sjp.ac.lk/handle/123456789/3980 |
|
dc.description.abstract |
Prior studies have examined Initial Public Offering (IPO) market performance in two different periods-short run and long run-in terms of two phenomena: the under pricing or short-run market phenomenon and the underperformance or long-run market phenomenon. To find out the possible theoretical reasons for the underperformance phenomenon, this study reviews the past literature on the long-run market performance of IPOs. The evidence on long-run underperformance of IPOs is not as widespread as that of short-run under pricing of IPOs. The previous researchers have explained long-run performance using behavioral theories, methodological issues and short-run under pricing theories. Some researchers have found that IPOs underperform marginally or have no abnormal performance in the long run; thus, they do not reject the market efficiency hypothesis in the long run. Others have reported that IPOs over perform or do not underperform in the long-run market. Still others have argued that underperformance disappears when different performance measures or methodologies are used. The rest have found that IPOs underperform considerably in the long-run IPO market. However, the long-run underperformance of IPOs is a debatable issue among financial researchers because of their studies' conflicting results and controversial findings |
en_US, si_LK |
dc.language.iso |
en |
en_US, si_LK |
dc.publisher |
University of Ruhuna, Matara |
en_US, si_LK |
dc.subject |
Behavioral theories |
en_US, si_LK |
dc.subject |
Efficiency Market hypothesis |
en_US, si_LK |
dc.subject |
IPO |
en_US, si_LK |
dc.subject |
Underperformance |
en_US, si_LK |
dc.title |
Why Does Underperformance of IPOs in the Long-Run Become Debatable? A Theoretical Review |
en_US, si_LK |
dc.type |
Article |
en_US, si_LK |