巴西ipo的长期表现

Q4 Economics, Econometrics and Finance

Revista Brasileira de Economia Pub Date : 2020-01-01 DOI:10.5935/0034-7140.20200019

R. Avelino

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引用次数: 0

摘要

本文以2004年至2013年间上市的143家巴西公司为样本，考察了巴西ipo的长期表现。没有证据表明ipo在上市后的60个月内表现落后于市场。投资者要在五年后达到同样的终端财富水平，就必须在模仿该指数的投资中投入比ipo多12.6%的资金。初始回报率最高的ipo在上市后的表现最差，有证据表明，在上市后的5年里，规模较大的ipo表现不如规模较小的ipo。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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A Note on Brazilian IPOs Performance in the Long Run

This paper examines the long-run performance of Brazilian IPOs based on a sample of 143 firms that went public between 2004 and 2013. There is no evidence that IPOs underperform the market in the 60 months after going public. An investor would have to put 12.6% more money in an investment that mimics the index than in the IPOs to achieve the same terminal wealth level five years later. IPOs with the highest initial returns have the worst aftermarket performance and there is mixed evidence that larger IPOs underperform the smaller IPOs in the five years subsequent to the offerings.

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来源期刊

Revista Brasileira de Economia Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

0.40

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： A Revista Brasileira de Economia (RBE) é a mais antiga publicação de Economia do Brasil, e a segunda mais antiga da América Latina. Seus fundadores foram Arizio de Viana, o primeiro editor, e Eugênio Gudin, um dos mais influentes economistas da história brasileira. A RBE foi apresentada no seu primeiro número pelo professor Luiz Simões Lopes, em uma Introdução que poderia constar ainda hoje de qualquer número da revista.