MARC Record from Library of Congress

LEADER: 01857cam a22002897a 4500
001 2006619062
003 DLC
005 20060531065415.0
007 cr |||||||||||
008 060524s2006 mau sb 000 0 eng
010 $a 2006619062
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aAng, Andrew.
245 10 $aIs ipo underperformance a peso problem?$h[electronic resource] /$cAndrew Ang, Li Gu, Yael V. Hochberg.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2006.
490 1 $aNBER working paper series ;$vworking paper 12203
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 5/24/2006.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Recent studies suggest that the underperformance of IPOs in the post-1970 sample may be a small sample effect or "Peso" problem. That is, IPO underperformance may result from observing too few star performers ex-post than were expected ex-ante. We develop a model of IPO performance that captures this intuition by allowing returns to be drawn from mixtures of outstanding, benchmark, or poor performing states. We estimate the model under the null of no ex-ante average IPO underperformance and construct small sample distributions of various statistics measuring IPO relative performance. We find that small sample biases are extremely unlikely to account for the magnitude of the post-1970 IPO underperformance observed in data" National Bureau of Economic Research web site.
700 1 $aHochberg, Yael V.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 12203.
856 40 $uhttp://papers.nber.org/papers/w12203