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Autor
Żyła Martyna (Wrocław University of Economics, Poland)
Tytuł
Explanatory Theories of Stock Returns in the Long Run after IPO - Literature Review
Teorie wyjaśniające stopy zwrotu akcji w długim okresie po IPO - przegląd literatury
Źródło
Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu, 2022, vol. 27, nr 2, s. 95-105, bibliogr. 47 poz.
Financial Sciences / Uniwersytet Ekonomiczny we Wrocławiu
Słowa kluczowe
Pierwsza oferta publiczna, Teoria zachowań, Stopa zwrotu
Initial Public Offering (IPO), Behaviour theory, Rate of return
Uwagi
Klasyfikacja JEL: G14, G32, G34
streszcz., summ.
Abstrakt
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)

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)
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Biblioteka Szkoły Głównej Handlowej w Warszawie
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Bibliografia
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Cytowane przez
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ISSN
2080-5993
Język
eng
URI / DOI
http://dx.doi.org/DOI: 10.15611/fins.2022.2.08
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