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The Long Run Performance of Shipping Initial Public Offerings

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  • C TH Grammenos
  • A Arkoulis

Abstract

This paper examines for the first time the performance of Initial Public Offerings (IPOs) in the shipping industry for the initial twenty four months of trading in the secondary market. In the analysis, a sample of 27 shipping IPOs issued in the stock exchanges of seven different countries in the period 1987–1995 is used. Aftermarket performance is measured against the local stock market indices of each IPO and against the Morgan Stanley Capital International (MSCI) index for the shipping equity market. The portfolio of shipping IPOs in the sample underperforms the local stock market indices by as much as 36.79% by the end of the second anniversary of public listing, but there is no evidence of underperformance in relation to the MSCI Shipping index. Furthermore, the two year holding period returns of the dataset are found to be positively related to the initial level of gearing and negatively related to the fleet age of the companies at the time of the offering.International Journal of Maritime Economics (1999) 1, 71–93; doi:10.1057/ijme.1999.6

Suggested Citation

  • C TH Grammenos & A Arkoulis, 1999. "The Long Run Performance of Shipping Initial Public Offerings," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 1(1), pages 71-93, September.
    • Handle: RePEc:pal:marecl:v:1:y:1999:i:1:p:71-93
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    Cited by:

    1. Alexandridis, George & Kavussanos, Manolis G. & Kim, Chi Y. & Tsouknidis, Dimitris A. & Visvikis, Ilias D., 2018. "A survey of shipping finance research: Setting the future research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 115(C), pages 164-212.
    2. Satta, Giovanni & Notteboom, Theo & Parola, Francesco & Persico, Luca, 2017. "Determinants of the long-term performance of initial public offerings (IPOs) in the port industry," Transportation Research Part A: Policy and Practice, Elsevier, vol. 103(C), pages 135-153.

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