Please use this identifier to cite or link to this item: https://doi.org/10.1111/j.1755-053X.2010.01069.x
Title: Do privatization ipos outperform in the long run?
Authors: Choi, S.-D.
Lee, I. 
Megginson, W.
Issue Date: 2010
Source: Choi, S.-D.,Lee, I.,Megginson, W. (2010). Do privatization ipos outperform in the long run?. Financial Management 39 (1) : 153-185. ScholarBank@NUS Repository. https://doi.org/10.1111/j.1755-053X.2010.01069.x
Abstract: This paper investigates the long-run stock returns of privatization initial public offering (IPO) firms using a sample of 241 privatization IPOs from 42 countries during the period 1981-2003. We compare one-, three-, and five-year holding period returns of privatization IPOs to those of the domestic stock market indices and to size and size- and book-to-market equity ratio (BM)-matched firms from the same countries. Consistent with previous studies, we find that privatization IPOs significantly outperform their domestic stock markets in the long run. However, they show less consistent abnormal long-term stock performance relative to their size or size- and BM-matched benchmark firms.
Source Title: Financial Management
URI: http://scholarbank.nus.edu.sg/handle/10635/44417
ISSN: 00463892
DOI: 10.1111/j.1755-053X.2010.01069.x
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