Is there still a Berlin Wall in the post-issue operating performance of European IPOs?

• Tipo: Artigo em Revista Científica Internacional
• Data: 2017

Autores

Pereira, TP (Autor) Outra; Miguel Augusto Sousa (Autor) FEP

Revista

Título: INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS

Vol. 22

Páginas: 139-158

ISSN: 1076-9307

Editora: John Wiley & Sons

Indexação

ISI Web of Knowledge - 3 Citações

Scopus - 6 Citações

Outras Informações

ID Authenticus: P-00M-P30

DOI: 10.1002/ijfe.1573

Abstract (EN): This paper studies the post-IPO operating performance of a sample of 555 European firms that went public between 1995 and 2006. Consistent with previous findings, we observe a decline in post-issue operating performance of IPO firms. However, firms located in emerging European countries perform even worse after the IPO than firms located in developed European countries. Our results suggest that this less successful post-issue operating performance by firms located in emerging countries can be explained by a more aggressive use of accruals and a better timing of the IPO in order to coincide with a period of high operating performance.

Idioma: Inglês

Tipo (Avaliação Docente): Científica

Nº de páginas: 20