The Post-Offering Performance of IPOs in the Health Care Industry
Guirguis, Hany S., Onochie, Joseph, Rosen, Harry, Journal of Economics and Finance
This paper investigates the post-offering performance of initial public offerings in the health care industry in a sample of 223 IPOs issued between 1985 and 1996. Statistically insignificant abnormal returns for IPOs relative to matched control firms and risk-adjusted health care index are evident for the whole sample. Thus, our empirical results support the overall information efficiency in the IPO market. However, numerical and statistical differences of the IPOs' abnormal returns are documented in every subgroup specified according to the issuance years and sectors. We conjecture that such differences are due to the growing threat of government intervention and the …
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Publication information: Article title: The Post-Offering Performance of IPOs in the Health Care Industry. Contributors: Guirguis, Hany S. - Author, Onochie, Joseph - Author, Rosen, Harry - Author. Journal title: Journal of Economics and Finance. Volume: 25. Issue: 2 Publication date: Summer 2001. Page number: 194+. © Journal of Economics and Finance Jul 2008. Provided by ProQuest LLC. All Rights Reserved.
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