Signalling and the Long‐run Performance of Spanish Initial Public Offerings (IPOs)
研究西班牙IPO的长期表现及其与初始抑价的关系，发现长期存在负异常收益，且长期表现与抑价及后续增发融资额正相关，支持信号传递理论。
Abstract: Academic research into firms that have gone public has focused on the study of two anomalies: initial underpricing and long‐run underperformance. We analyse Spanish Initial Public Offerings to provide additional evidence on the long‐run performance of IPOs and its relationship with initial underpricing. Results reveal the existence of negative long‐run abnormal stock returns, in line with the international literature. Long‐run performance presents a positive relationship with underpricing and the volume of funds obtained in seasoned offerings, in consonance with the predictions of Allen and Faulhaber (1989) , Welch (1989) and Grinblatt and Hwang (1989) .