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A holistic attempt to predicating excess aftermarket returns of IPOs over a 90-day period post IPO
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This paper aims to provide a holistic approach of combining multiple research areas to forecast IPO performance over a timespan ranging from one day after the IPO date until the ninetieth trading day. I find that the length of the cooling-down period and that the IPOs raw return after the first day of trading are somewhat capable of forecasting returns. I conclude that several researches are successful in explaining relationships between performance and certain variables but that the relationship is not sufficiently robust in order to actually forecast returns. I also find evidence that corporate managers suffer from concave utility functions under bullish market circumstances and convex functions under bearish circumstances. Furthermore, my findings confirm that corporate managers base their IPO decision on the average market return 90 days prior to the announcement or approval date.
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Double Degree