The Long-Run Performance of IPOs in Italy: A Comparison of Venture and Non-Venture-Backed Companies

Abstract

The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have always accompanied with Initial Public The portfolio of 102 IPOs does not seem to beat the "market portfolio". In conclusion, therefore, the phenomenon of underperformance seems to be real in our country and is documented by strongly negative and statistically significant values obtained from the samples of IPOs analyzed.