2006, English, Article, Working paper edition: Is ipo underperformance a peso problem? [electronic resource] / Andrew Ang, Li Gu, Yael V. Hochberg. Ang, Andrew.

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Published
  • Cambridge, MA : National Bureau of Economic Research, c2006.
Language
  • English

Edition details

Title
  • Is ipo underperformance a peso problem? /​ Andrew Ang, Li Gu, Yael V. Hochberg.
Author
  • Ang, Andrew.
Other Authors
  • Hochberg, Yael V.
  • National Bureau of Economic Research
Published
  • Cambridge, MA : National Bureau of Economic Research, c2006.
Medium
  • [electronic resource]
Series
Summary
  • "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.
Notes
  • Title from PDF file as viewed on 5/​24/​2006.
  • Includes bibliographical references.
  • Also available in print.
Technical Details
  • System requirements: Adobe Acrobat Reader.
  • Mode of access: World Wide Web.
Language
  • English
Libraries Australia ID
Contributed by
Libraries Australia

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