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Long-Run Performance and Impact of War on Risk-Return Characteristics of Initial Public Offerings in an Emerging Market: Evidence from Colombo Stock Exchange

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dc.contributor.author Hewage, J.K.
dc.contributor.author Fernando, C.S.P.K.
dc.date.accessioned 2019-02-15T03:58:11Z
dc.date.available 2019-02-15T03:58:11Z
dc.date.issued 2018
dc.identifier.citation Hewage, J.K. and Fernando, C.S.P.K. (2018). Long Run Performance and Impact of War on Risk-Return Characteristics of Initial Public Offerings in an Emerging Market: Evidence from Colombo Stock Exchange. 9th International Conference on Business and Information (ICBI-2018), Department of Management Studies and Toc H Institute of Science and Technology, India, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka.p.01 en_US
dc.identifier.uri http://repository.kln.ac.lk/handle/123456789/19896
dc.description.abstract This study analyses the long-run performance of 34 Sri Lankan Initial Public Offerings listed during 2000 – 2014 and focuses on the changes in risk-return characteristic since there is only handful of prior investigates regarding the impact of civil war on IPO risk-return changes relatively to developed markets. The first objective is to provide evidence on long-run underperformance or over performance. Hence, IPOs underperformed the benchmark in the long-run subject to Event-time Approach. The second objective is detecting the changes in the performance of IPOs relatively to Market-adjusted-Average Cumulative Abnormal Returns and Buy-and-Hold Abnormal Returns. Thirdly, the analysis discusses how risk-return characteristics differ between two IPO samples. Post-war IPOs appear to be less risky while pre-war IPOs revealing higher risky and subject to non-systematic risk in the long-run, yet with same magnitude of returns. Authors believe that investors can use this information to identify profitable strategies to overcome long-run underperformance en_US
dc.language.iso en en_US
dc.publisher 9th International Conference on Business and Information (ICBI-2018), Department of Management Studies and Toc H Institute of Science and Technology, India, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka en_US
dc.subject Initial Public Offerings en_US
dc.subject Long-run performance en_US
dc.subject Cumulative abnormal returns en_US
dc.subject Buy-and-hold abnormal returns en_US
dc.subject Risk-return characteristics en_US
dc.title Long-Run Performance and Impact of War on Risk-Return Characteristics of Initial Public Offerings in an Emerging Market: Evidence from Colombo Stock Exchange en_US
dc.type Article en_US


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