The Effect of Weather Conditions on IPO Performance

Απλή σελίδα τεκμηρίου
dc.contributor.authorVaenterlis, Antoniosen
dc.contributor.authorKozyrakis, Ioannisen
dc.date.accessioned2015-03-13T09:30:09Z
dc.date.available2015-09-27T06:05:09Z
dc.date.issued2015-03-13
dc.identifier.urihttps://repository.ihu.edu.gr/xmlui/handle/11544/27
dc.rightsDefault License
dc.titleThe Effect of Weather Conditions on IPO Performanceen
heal.abstractA variety of studies have demonstrated over the past decade that environmental conditions, such as the weather and the Seasonal Affective Disorder (SAD), have a significant effect on the market behavior of listed stocks. The present study extends the empirical literature in this area by investigating for the first time the effect of weather on Initial Public Offering (IPO) performance using an extensive dataset from 6 countries (US, UK, Singapore, Malaysia, France and Australia) between 1982 and 1997. In order to control for known effects we use a number of control variables which reflect both financial data and behavioral conditions. Our results indicate that the weather has a statistically significant effect on the behavior of the IPO market. In particular, irregularly high cloudiness on a particular day is associated with lower levels of IPO underpricing. However, the short term volatility and stock performance the 5 days following the IPO, is not affected by cloudiness. In line with a previous study, SAD has also a significant effect on IPO unpderpricing. The new result here is that we find that this behavioral factor also affects short time IPO volatility.en
heal.academicPublisherSchool of Economics, Business Administration and Legal Studies, MSc in Banking and Financeen
heal.academicPublisherIDihu
heal.accessfreeel
heal.advisorNameRafael, Dr. Markellosen
heal.bibliographicCitationVaenterlis Antonios and Kozyrakis Ioannis, 2010, The effect of weather conditions on IPO performance ,Master's Dissertation, International Hellenic Universityen
heal.committeeMemberNameRafael, Dr. Markellosen
heal.committeeMemberNameArtikisen
heal.committeeMemberNameLevisen
heal.fullTextAvailabilitytrue
heal.keywordDissertations, Academicen
heal.keywordGoing public (Securities)en
heal.languageen
heal.licensehttp://creativecommons.org/licenses/by-nc/4.0
heal.numberOfPages51
heal.publicationDate2010-10
heal.recordProviderSchool of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.tableOfContentsList of Tables..................................................................................................................... 6 1. Introduction...... ............................................................................................................. 7 2. Literature Overview .................................................................................................... 10 2.1 Weather related literature ...................................................................................... 10 2.2 Not weather related literature ................................................................................ 12 2.2.1 Underpricing .................................................................................................. 12 2.2.2 Performance ................................................................................................... 15 2.2.3 Post-IPO Volatility ......................................................................................... 17 2.2.4 Trading Volume ............................................................................................. 17 Hypotheses .............................................................................................................. 19 3. Data and Methodology ................................................................................................ 22 3.1 Data ....................................................................................................................... 22 3.1.1 Underpricing .................................................................................................. 23 3.1.2 Volatility ........................................................................................................ 24 3.1.3 Performance ................................................................................................... 25 3.2 The models ............................................................................................................ 26 3.2.1 Underpricing .................................................................................................. 26 3.2.2 Volatility ........................................................................................................ 28 3.2.3 Performance ................................................................................................... 29 3.3 Methodology ......................................................................................................... 30 4. Empirical results.......................................................................................................... 32 4.1 Underpricing ..................................................................................................... 32 4.1.2 Volatility ........................................................................................................ 34 4.1.3 Short Term Performance ................................................................................ 37 5. Conclusion....... ........................................................................................................... 40 5 References............ ........................................................................................................... 42 Appendix.............. ........................................................................................................... 48en
heal.typemasterThesis

Αρχεία

Πρωτότυπος φάκελος/πακέτο

Τώρα δείχνει 1 - 1 από 1
Μικρογραφία εικόνας
Ονομα:
Vaenterlis.Antonios.Kozyrakis.Ioannis..pdf
Μέγεθος:
701.36 KB
Μορφότυπο:
Adobe Portable Document Format
Περιγραφή:
Κατεβάστε

Φάκελος/Πακέτο αδειών

Τώρα δείχνει 1 - 1 από 1
Δεν υπάρχει διαθέσιμη μικρογραφία
Ονομα:
license.txt
Μέγεθος:
1.71 KB
Μορφότυπο:
Item-specific license agreed upon to submission
Περιγραφή:
Κατεβάστε

Συλλογές

Theses and dissertations