Privatization Versus Private Sector Initial Public Offerings in Poland
31 Pages Posted: 25 Sep 2006
There are 2 versions of this paper
Privatization Versus Private Sector Initial Public Offerings in Poland
Privatization Versus Private Sector Initial Public Offerings in Poland
Abstract
This article compares the characteristics and the price behavior of case-by case privatization initial public offerings and private sector initial public offerings in Poland over the first nine years after the reopening of the Warsaw Stock Exchange in April 1991. There is evidence that the Polish government is market-oriented, trying to build up reputation for its privatization policy over time by underpricing, selling a high fraction at the initial offer and underpricing more when selling to domestic retail investors. In the long run privatization initial public offerings experience neither an under- nor an overperformance. A lower political influence has no effect on the long-run performance of privatized companies.
Keywords: initial public offerings, long-run performance, privatization, underpricing
JEL Classification: G12, G18, G38
Suggested Citation: Suggested Citation
Do you have negative results from your research you’d like to share?
Recommended Papers
-
An Empirical Investigation of Underpricing in Chinese Ipos
By Dongwei Su and Belton M. Fleisher
-
Underpricing of New Equity Offerings by Privatized Firms: An International Test
By Qi Huang and Richard M. Levich
-
Short-Run Underpricing and its Characteristics in Chinese IPO Markets
By Carol Padgett and Jing Chi
-
The Performance and Long-Run Characteristics of the Chinese IPO Market
By Carol Padgett and Jing Chi
-
IPO Underpricing in China: New Evidence from the Primary and Secondary Markets
By Eddy Chang, Chao Chen, ...
-
By Martin Hovey and Lary Li
-
Corporate Governance, IPO Underpricing and Long-Term Performance of Listed Firms in China
By Lary Li and Martin Hovey
-
Long Run Price Performance of IPO Stocks in Bangladesh
By Mohammad Sadiqul Islam, Mahfuja Malik, ...