The Timing and Subsequent Performance of Initial Public Offerings (IPOs) on the Johannesburg Stock Exchange
研究1980至1991年间在约翰内斯堡证券交易所通过公开发行上市的公司，发现其长期表现显著差于已上市同行，四年平均回报仅18.0%对比81.5%，支持IPO表现不佳的国际证据。
Companies that have listed on the Johannesburg Stock Exchange by means of a public offering between 1980 and 1991 have subsequently performed poorly. This long run post issue performance is remarkably consistent with the South African evidence for seasoned rights issuing companies and the international evidence for both initial public offerings (IPOs) and seasoned equity offerings (SEOs). Over the four years post issue, the newly listed companies earned an average return of 18.0% as opposed to 81.5% for a size‐matched sample of seasoned companies. This study adds to the increasing body of international evidence suggesting the IPO under performance ‘puzzle’ referred to by Ibbotson (1975), Loughran and Ritter (1995) and Spiess and Affleck‐Graves (1995) is not simply sample or country specific.