绿色ipo后市场表现与投资组合配置

IF 5.5 Q1 BUSINESS, FINANCE
Green Finance Pub Date : 2023-01-01 DOI:10.3934/gf.2023013
Muhammad Zubair Mumtaz, N. Yoshino
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引用次数: 0

摘要

本研究考察了高绿色和低绿色IPO的后市场表现,以及绿色IPO如何优化投资组合配置。我们假设更高的绿色水平增加了投资者对ipo的参与。为此,我们开发了效用函数,并确定了当公司考虑绿色措施时,投资者更愿意参与新股发行。本研究提出了绿色措施的全球方面:一个公司维持的理想的绿色水平。我们发现样本中的ipo远远低于全球绿色标准。这一证据表明他们必须采取必要的行动使环境变得绿色。本研究的另一个重要贡献是衡量了高绿色和低绿色ipo在短期和长期的表现。该研究表明,高绿色ipo较少被低估。本研究估计了绿色度对初始回报的影响,并发现一种反向关系,表明高绿色度的ipo较少被低估,因为与新发行相关的风险较低。在衡量长期绩效方面,本研究确定高绿色ipo比低绿色ipo表现不佳。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Aftermarket performance of green IPOs and portfolio allocation
This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors' participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for greenness measures. This study proposes the global aspects of green measure: the desired level of greenness a firm maintains. We find that IPOs in our sample are far below the global standards of greenness. This evidence suggests they must adopt the necessary actions to make the environment green. Another significant contribution of this study is to measure the performance of high and low-green IPOs in short- and long-run horizons. This study reveals that high-green IPOs are less underpriced. This study estimates the effect of greenness on initial returns and finds an inverse relationship suggesting that high-green IPOs are less underpriced due to lower risk associated with new issues. In terms of measuring longer-term performance, this study determines that high-green IPOs underperform less than low-green IPOs.
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来源期刊
Green Finance
Green Finance Multiple-
CiteScore
9.60
自引率
3.50%
发文量
14
审稿时长
6 weeks
期刊介绍: Green Finance is an international, interdisciplinary Open Access journal dedicated to green finance, environmental, and sustainability research and practice. It offers a platform for publishing original contributions and technical reviews on green finance and related topics, following a rigorous peer-review process. Accepted article types include original research, reviews, editorials, letters, and conference reports.
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