کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
6481262 1377580 2017 7 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Green energy companies: Stock performance and IPO returns
ترجمه فارسی عنوان
شرکت های انرژی سبز: عملکرد سهام و بازده IPO
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی

This study aims at investigating the performance of energy companies at IPO and highlighting the differences in underpricing and stock return trends of green energy companies compared to non-green ones. We select all energy stock IPOs between 2000 and 2014 on the main European markets and evaluate first day and long run performance to shed light on the differences of the two groups of firms. As further refinement, we evaluate the determinants of short and long term performance. Evidence shows that green companies have a lower underpricing, which nevertheless disappears after few days of trading and when controlling for underpricing determinants. In the long run, performances of green and non-green are similar and empirical results show that the traditional risk factors explain return dynamics.To the best of our knowledge, this is the first paper to analyse the underpricing and stock performance of green energy companies.

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ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in International Business and Finance - Volume 39, Part A, January 2017, Pages 546-552
نویسندگان
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