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IPOs Performance Analysis: Evidence from Emerging Markets in the Balkans

Author

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  • Karanović Goran

    (Faculty of Tourism and Hospitality Management, University of Rijeka, Croatia)

  • Karanović Bisera

    (Business School PAR, Rijeka, Croatia)

Abstract

The main purpose of this paper is to investigate the performance of initial public offerings (IPOs) in the emerging markets with particular focus on the markets of Balkan countries. The paper provides analysis of long and short performance of IPOs. In the Balkan emerging markets IPOs are relatively rarely used. Although all observed Balkan countries have gone through processes of transition from planned economies to market economies in the past 25 years, just a few state-owned companies have been privatized by use of IPOs. Due to this specific nature of the companies the analyzed sample of IPOs is comprised of state-owned and non-state-owned companies. The results are interpreted and expounded accordingly, taking into consideration the aforementioned conjunction. The findings indicate that company characteristics, signalling variables and financial variables have influence on the IPOs short and long term performance. The paper provides academia and policymakers with new revelations concerning the IPO processes in Balkan emerging economies’ capital markets.

Suggested Citation

  • Karanović Goran & Karanović Bisera, 2016. "IPOs Performance Analysis: Evidence from Emerging Markets in the Balkans," Scientific Annals of Economics and Business, Sciendo, vol. 63(3), pages 381-389, November.
    • Handle: RePEc:vrs:aicuec:v:63:y:2016:i:3:p:381-389:n:7
    DOI: 10.1515/saeb-2016-0129
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    References listed on IDEAS

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    More about this item

    Keywords

    Capital Markets; IPO; Emerging Economies; Signalling;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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