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The Aftermarket Performance of Initial Public Offerings in Latin America

Author

Listed:
  • Reena Aggarwal
  • Ricardo Leal
  • Leonardo Hernandez

Abstract

This study extends the international evidence on initial public offerings (IPOs) and is the first comprehensive analysis examining new issues in the Latin American countries of Brazil, Chile, and Mexico. These countries have been among the best performing markets in the early 1990s and are undergoing major modernization programs and opening their economies. Since Chile uses an auction process to go public, while issues are offered at a fixed price in Brazil and Mexico, interesting comparisons based on the method of going public emerge. Further, both Chile and Mexico have been involved in massive privatization programs, and Brazil has embarked on one as well. A large proportion of the new issues in Chile were privatizations. This allows an examination of IPOs involved in privatization versus nonprivatization programs.

Suggested Citation

  • Reena Aggarwal & Ricardo Leal & Leonardo Hernandez, 1993. "The Aftermarket Performance of Initial Public Offerings in Latin America," Financial Management, Financial Management Association, vol. 22(1), Spring.
    • Handle: RePEc:fma:fmanag:aggarwal93
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