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    Vivek Kumar
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    This document presents a summary of international empirical studies that analyzed initial returns from public equity offerings between the 1960s and 1990s. It includes the country studied, author(s) of the article(s), sample size, time period analyzed, and average initial return percentage. A total of 38 countries are represented with sample sizes ranging from 13 to 2,133 offerings and average initial returns ranging from 4.2% to 149.3%.

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    This document presents a summary of international empirical studies that analyzed initial returns from public equity offerings between the 1960s and 1990s. It includes the country studied, author(s) of the article(s), sample size, time period analyzed, and average initial return percentage. A total of 38 countries are represented with sample sizes ranging from 13 to 2,133 offerings and average initial returns ranging from 4.2% to 149.3%.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    27 views1 page

    International Empirical Studies Lat

    Uploaded by

    Vivek Kumar
    This document presents a summary of international empirical studies that analyzed initial returns from public equity offerings between the 1960s and 1990s. It includes the country studied, author(s) of the article(s), sample size, time period analyzed, and average initial return percentage. A total of 38 countries are represented with sample sizes ranging from 13 to 2,133 offerings and average initial returns ranging from 4.2% to 149.3%.

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    of 1

    INTERNATION AUTHOR(S) SAMPLE SIZE TIME PERIOD AVERAGE

    AL EMPIRICAL OF INITIAL
    STUDIES ARTICLE(S) RETURN (%)
    Australia Lee, Taylor & Walter 156 1966-1985 26.80
    Australia Lee, Taylor & Walter 266 1976-1989 11.90
    Austria Aussengg 67 1964-1996 6.50
    Belgium Rogiers, Manigart & 28 1984-1990 10.10
    Ooghe
    Brazil Aggarwal, Leal & 62 1979-1990 78.50
    Hernandez
    Canada Jog & Riding; Jog & 258 1971-1992 5.40
    Srivastava
    Chile Aggarwal, Leal & 19 1982-1990 16.30
    Hernandez
    China Datar & Mao Su & 226 308 57 1990-1996 1990-1996 388.00
    Fleisher 1990-1996 948.5989
    37,1390
    Finland Keloharju 85 1984-1992 9.60
    France Husson & Jacquillat; 187 1983-1992 4.20
    Leleux & Muzyka;
    Paliard & Belletante
    Germany 97 1977-1987 21.50
    Germany Ljungqvist 170 1978-1992 10.90
    Greece Kazantzis & Levis 79 1987-1991 48.50
    Hong Kong 34 1979-1985 10.50
    Hong Kong McGuinness; Zhao & 334 1980-1996 15.90
    Wu
    India Krishnamurti & Kumar 98 1992-1993 35.30
    Israel Kandel, Sarig & Wohl 28 1993-1994 4.50
    Italy Cherubini & Ratti 75 1985-1991 27.10
    Japan 303 1979-1989 31.90
    Japan Fakuda; Dawson & 472 1970-1991 32.50
    Hiraki; Hebner & Hiraki
    Korea 275 1984-1990 79.00
    Korea Dhatt, Kim & Lim 347 1980-1990 78.10
    Malaysia 34 1979-1984 149.30
    Malaysia Isa 132 1980-1991 80.30
    Mexico Aggarwal, Leal & 37 1987-1990 33.00
    Hernandez
    Netherlands 46 1982-1987 5.10
    Netherlands Wessels; Eijgenhuiisen 72 1982-1991 7.20
    & Buijs
    New Zealand Vos & Cheung 149 1979-1991 28.80
    Portugal Alpalhao 62 1986-1987 54.40
    Singapore 66 1973-1987 27.00
    Singapore Lee, Taylor & Walter 128 1973-1992 31.40
    Spain Rahnema, Fernandez & 71 1985-1990 35.00
    Martinez
    Sweden 55 1983-1985 40.50
    Sweden Rydqvist 251 1980-1994 34.10
    Switzerland Kunz & Aggarwal 42 1983-1989 35.80
    Taiwan 68 1981-1988 30.00
    Taiwan Chen 168 1971-1990 45.00
    Thailand United Wethyavivorn & Koo- 32 2,133 13,308 1988-1989 1959-1990 58.10 12.00 15.80
    Kingdom United smith Dimson; Levis 1960-1996
    States Ibbotson, Sindelar &
    Ritter

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