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First-day and yearly yield following initial public offering in Israel 1998-2006

Author

Listed:
  • Elias Amiram

    (Economics and Management department, Ben Gurion University, Israel)

  • Sheaffer Zachary

    (Economics and Management department, The Open University, Israel)

  • Ben Zion Uri

    (Economics and Management department, Yezreel Academic College, Israel)

Abstract

Contrary to findings reported in the extant IPO literature between 2001 and 2006, average first-day returns in Israel's stock market resulted in a deficit return of -1.2% and the average one-year return resulted in an excess return of 10.5%. Estimating the relationship between yields and various explanatory variables, we found that daily yield is positively affected by excess demand and total equity capital, whilst negatively correlated with underwriting commissions, price of offerings and the total sum raised. The one-year return was found to be positively correlated with deficient underwriting and negatively correlated with first-day return and return on capital.

Suggested Citation

  • Elias Amiram & Sheaffer Zachary & Ben Zion Uri, 2011. "First-day and yearly yield following initial public offering in Israel 1998-2006," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 34(96), pages 145-152, Diciembre.
    • Handle: RePEc:cud:journl:v:34:y:2011:i:96:p:145-152
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    More about this item

    Keywords

    Initial Public Offering; First-day returns; One-year return;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance

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