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

• Authors: Martyna Żyła

Title variants

PL

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

Abstracts

PL

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.

EN

Negative returns of shares in the long run after initial public oferings 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 afects 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.

Keywords

EN

IPO; underperformance; long-run performance; behavioural theories; initial public offering

PL

IPO; pierwsza oferta publiczna; niedowartościowanie; teorie behawioralne; długoterminowe relacje cenowe

• Publisher: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
• Journal: Nauki o Finansach
• Year: 2022
• Volume: 27
• Issue: 2
• Pages: 95-105

Dates

published

2022

Contributors

author

Martyna Żyła

• Wrocław University of Economics and Business

• https://orcid.org/0000000251465911

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Identifiers

DOI

10.15611/fins.2022.2.08

Biblioteka Nauki

2188145