Explanatory Theories of Stock Returns in the Long Run after IPO - Literature Review

• Autorzy: Martyna Żyła

Warianty tytułu

Teorie wyjaśniające stopy zwrotu akcji w długim okresie po IPO - przegląd literatury

• Języki publikacji: EN

Abstrakty

EN

Negative returns of shares in the long run after initial public offerings have been confirmed on many markets, however the explanation for the cause of this phenomenon is ambiguous. Investigating underperformance is important because it allows for a better understanding of the role of the stock markets in the financial system. Such a market anomaly influences the behaviour of investors in the long run. Underperformance features in an extensive body of empirical literature and has been confirmed in most cases, yet it is inconclusive as to what affects such phenomenona on the markets. The purpose of this paper was to present the explanatory theories based on the behaviour of market participants and to summarise the explanatory variables of underperformance that stem from the theory.(original abstract)

Ujemne stopy zwrotu z akcji w długim okresie po pierwszych ofertach publicznych zostały potwierdzone na wielu rynkach, jednak wyjaśnienie przyczyny tego zjawiska jest niejednoznaczne. Badanie niedowartościowania jest istotne, ponieważ pozwala to lepiej zrozumieć rolę rynków akcji w systemie finansowym. Taka anomalia rynkowa wpływa na zachowanie inwestorów w dłuższej perspektywie. Niedowartościowanie jest szeroko opisywane w literaturze i zostało potwierdzone w większości przypadków. Nie wiadomo jednak, co wpływa na takie zjawisko na rynkach. Celem artykułu jest przedstawienie teorii wyjaśniających zjawisko, które opierają się na zachowaniach uczestników rynku, oraz podsumowanie zmiennych objaśniających zjawisko niedowartościowania wynikających z teorii.(abstrakt oryginalny)

Słowa kluczowe

EN

Initial Public Offering (IPO); Behaviour theory; Rate of return

PL

Pierwsza oferta publiczna; Teoria zachowań; Stopa zwrotu

• Czasopismo: Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu
• Rocznik: 2022
• Tom: 27
• Numer: nr 2
• Strony: 95--105

Twórcy

autor

Martyna Żyła

• Wrocław University of Economics, Poland

Bibliografia

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Identyfikatory

DOI

DOI: 10.15611/fins.2022.2.08