Abstract
In this paper, we conduct the first large-scale investigation about the long-run performance of IPO stocks in Europe. Employing different benchmarks to measure abnormal performance, we empirically confirm the findings from existing U.S. studies on the long-run performance of IPO stocks. More importantly, we provide evidence suggesting that the end of the lockup period is not the event that triggers performance deterioration of IPO stocks, contrary to what was hypothesized when using U.S. data (see, e.g., Purnanandam and Swaminathan, 2004)
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