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| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Long-Term IPO Performance in Switzerland |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 46 |
| Date | 2016 |
| Abstract Text | This thesis examines the long-term performance of initial public offerings (IPOs) taking place at the Swiss stock exchange over the period of 1995 to 2011 and relates it to the cross-section of IPO stocks. Buy-and-hold abnormal returns (BHARs) do not show significant results over various holding periods whereas calendar time portfolios indicate a significant underperformance when a multifactor model is applied. The leverage ratio as well as the market capitalization of firms going public are found to exhibit predictive power onto fiveyear BHARs, whereas no relation to behavioral variables can be assigned. |
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