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Table 3 Aftermarket Performance of IPOs

From: Performance and capital structure of IPOs in Pakistan from 2000 to 2015

Sample Period N BHR% WR BHAR%
Issues KSE Mean Median
All 1 week 72 24.92
(0.55)
0.428
(0.138)
1.34 24.49
(0.26)
19.98
2 weeks 72 23.89
(0.62)
1.169
(0.519)
1.31 22.72
(0.59)
18.24
1 month 72 23.64
(0.16)
2.323
(0.310)
1.29 21.32
(0.45)
9.43
2 months 72 21.28
(0.21)
2.661 a
(0.000)
1.25 18.62
(0.44)
9.26
3 months 72 22.19
(0.18)
4.26
(0.21)
1.24 18.68
(0.54)
2.73
6 months 71 24.46
(0.36)
7.25 c
(0.09)
1.22 17.879
(0.748)
−1.427
1 year 66 28.556 a
(0.000)
17.540
(0.191)
1.13 12.760 a
(0.000)
−13.531
2 year 65 20.905 a
(0.000)
4.024 c
(0.088)
1.24 −18.009 a
(0.000)
−18.341
3 year 62 17.966 a
(0.000)
6.856 b
(0.048)
1.16 −42.496 a
(0.000)
−48.516
4 years 59 8.176 a
(0.000)
16.637
(0.129)
0.88 −62.740 a
(0.000)
−70.182
Five years 57 36.836 a
(0.000)
38.913 a
(0.008)
0.97 −65.539 a
(0.000)
−72.421
Privatized 1 week 11 24.797
(0.633)
−0.179
(0.278)
3.30 24.977
(0.594)
18.004
2 week 11 24.541
(0.647)
−0.357
(0.822)
2.12 24.898
(0.570)
16.023
1 month 11 26.550
0.620)
1.663
(0.447)
2.97 24.886
(0.645)
16.605
2 months 11 29.929
(0.680)
2.517
(0.642)
3.02 27.411
(0.676)
19.390
3 months 11 28.986
(0.696)
4.272
(0.635)
2.61 24.713
(0.642)
18.252
6 months 11 40.367
(0.635)
12.274
(0.314)
2.20 28.093
(0.585)
17.574
1 year 10 33.951
(0.666)
23.260
(0.119)
1.32 10.690
(0.770)
−13.051
2 year 9 75.634
(0.572)
52.449
(0.869)
1.37 23.184
(0.803)
0.000
3 year 9 90.391
(0.473)
79.439
(0.222)
1.21 10.951
(0.542)
−3.771
4 years 9 100.841
(0.538)
83.529
(0.469)
1.18 17.310
(0.651)
−1.998
Five years 9 130.401
(0.473)
49.942
(0.351)
2.36 80.457
(0.492)
−5.357
Private 1 week 61 24.936
(0.183)
0.538 a
(0.000)
1.39 24.398
(0.197)
20.952
2 week 61 23.773
(0.208)
1.445
(0.630)
1.35 22.328
(0.301)
18.759
1 month 61 23.114
(0.124)
2.443
(0.630)
1.32 20.671
(0.125)
7.809
2 months 61 20.053
(0.144)
2.733 a
(0.000)
1.27 17.036
(0.153)
8.428
3 months 61 23.051
(0.248)
4.225
(0.624)
1.28 17.591
(0.265)
0.724
6 months 60 24.05
(0.13)
6.58
(0.32)
1.26 16.04 a
(0.19)
−3.26
1 year 56 31.91 a
(0.00)
17.34
(0.21)
1.19 13.133 a
(0.00)
−14.01
2 year 56 12.70 a
(0.00)
41.98 c
(0.07)
0.70 −25.46 a
(0.00)
−27.62
3 year 53 5.87 a
(0.00)
68.23 b
(0.03)
0.49 −52.13 a
(0.00)
−51.72
4 years 50 −10.85 a
(0.00)
87.23 a
(0.00)
0.28 −77.18 b
(0.05)
−77.09
Five years 48 −12.54 a
(0.00)
106.69 a
(0.00)
0.22 91.87 c
(0.01)
−83.49
  1. To test whether BHARs of both categories of IPO differ statistically, p values are given in parenthesis. The a, b, c indicate significance at 1, 5, and 10%, respectively