Performance of Spanish firms going public: windows of opportunity and the informative effect

• Autores: Susana Álvarez Otero, Víctor Manuel González Méndez
• Localización: Applied financial economics, ISSN 0960-3107, Vol. 15, Nº. 18, 2005, págs. 1283-1297
• Idioma: inglés
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• Resumen

  • The aim of this paper is to analyse the performance of firms that went public on Madrid Stock Exchange in the period 1985-1997. Results show that no relation exists between the ownership structure of a firm and the decline in returns subsequent to its going public, although a signaling effect does exist with respect to the quality of the firm that is associated with percentage of equity retained at the momento of going public. On the other hand, the decline in returns appears to be determined by the firms exploiting the existence of windows of opportunity and by the adjustment made by firms in their profit figures.