IPO Underpricing and Aftermarket Performance in Italy
作者： Alberto Dell’Acqua , Leonardo L. Etro , Emanuele Tetia , Michele Murria
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摘要: We analyse a sample of 129 Initial Public Offerings (IPOs) on the Italian Stock Exchange from January 2001 to December 2012. Results confirm presence underpricing in two thirds offerings but with an average level 6.75% that is far below previous studies. Moreover we provide detailed temporal insights show phenomenon time-varying, albeit our does not positive correlation hot market periods only. The stock performance 30 days after listing lower than first day return, evidence mainly explained by temporary actions price support underwriters. Finally, through series multivariate regression analyses find various factors exercise influence IPO level, specifically: firm size, aftermarket risk, demand, financial crisis and shares retention existing shareholders.
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