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Unlocking the puzzle: assessing underpricing and long-term performance of foreign IPOs on US stock exchanges
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This thesis examines underpricing and long-term performance of foreign IPOs listed on US
stock exchanges and domestic US IPOs. Additionally, it investigates the impact of home coun try economic freedom on IPO performance, finding that this factor is only in the short-term
significant. Using a Bloomberg dataset covering IPOs from 2000 to 2020, the study reveals that
foreign IPOs experience slightly lower levels of underpricing than domestic IPOs (11.47% vs.
13.11%). In the long-run, both significantly underperform the market, but international IPOs
(-39.70%) by a greater margin than domestic ones (-21.60%). These findings offer insights into
home bias and market efficiency.
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Palavras-chave
IPO Underpicing Long-run performance Foreign company