Privatisation Initial Public Offerings: the Polish Experience
研究波兰政府私有化首次公开发行（PIPO）的时机选择和定价，发现PIPO并未比私营部门IPO更低估，国内外投资者在上市后36个月内获得正回报。
Abstract The Polish government has preferred gradual direct sales to privatisation initial public offerings (PIPOs) by a 2.8 to 1 margin. Evidence suggests that the government has attempted to manage the timing of PIPOs. We, however, find no evidence of underpricing of PIPOs to a greater degree than that found for issues in the private sector. Both domestic and international investors in PIPOs earned predominantly positive buy‐and‐hold returns up to 36 months after listing. The difference between PIPOs and private sector IPOs average returns is statistically significant only for international investors.