Please use this identifier to cite or link to this item:
http://repository.kln.ac.lk/handle/123456789/19896
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 |
Authors: | Hewage, J.K. Fernando, C.S.P.K. |
Keywords: | Initial Public Offerings Long-run performance Cumulative abnormal returns Buy-and-hold abnormal returns Risk-return characteristics |
Issue Date: | 2018 |
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 |
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 |
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 |
URI: | http://repository.kln.ac.lk/handle/123456789/19896 |
Appears in Collections: | ICBI 2018 |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.