Search results for " long¿run underperformance"

COMPORTAMIENTO A LARGO PLAZO DE LAS OFERTAS PÚBLICAS DE VENTA SUBSIGUIENTES EN EL MERCADO ESPAÑOL

2002

This research investigates the long¿run after¿performance of firms conducting seasoned equity offering in the Spanish market during the period 1993¿1999. Due to statistical and conceptual problems related to the estimation and contrast of long¿horizon returns, we analyse the robustness of results to different methodologies. We obtain evidence that issuers experience negative abnormal returns economically and statistically significant during the year after the event. These results are robust to different metrics, estimations and tests used. Finally, underperformance is more severe in small, growth firms. En este trabajo estudiamos si las empresas cotizadas que realizan un oferta pública de v…