Do Privatization IPOs Outperform in the Long Run?
研究了1981-2003年间42个国家241家私有化IPO的长期股票回报，发现其跑赢国内股市指数，但相对规模或规模与账面市值比匹配的公司表现不稳定。
This paper investigates the long‐run stock returns of privatization initial public offering (IPO) firms using a sample of 241 privatization IPOs from 42 countries during the period 1981‐2003. We compare one‐, three‐, and five‐year holding period returns of privatization IPOs to those of the domestic stock market indices and to size and size‐ and book‐to‐market equity ratio (BM)‐matched firms from the same countries. Consistent with previous studies, we find that privatization IPOs significantly outperform their domestic stock markets in the long run. However, they show less consistent abnormal long‐term stock performance relative to their size or size‐ and BM‐matched benchmark firms.