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Financial Innovation

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
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