caa a22 4500 467909970 CHVBK 20180406152846.0 cr unu---uuuuu 170328e20060901xx s 000 0 eng 10.1007/s10645-006-9017-y doi (NATIONALLICENCE)springer-10.1007/s10645-006-9017-y 25 Years of Dutch Ipos: An Examination of Frequently Cited Ipo Anomalies Within Main Sectors and During Hot- and Cold-Issue Periods [Elektronische Daten] [R. Doeswijk, H. Hemmes, R. Venekamp] Summary: This study examines the existence of the initial underpricing and the long-term underperformance anomalies in the Dutch IPO market between 1977 and 2001. We found an average initial underpricing level of 17.6%, measured relative to a sector-specific benchmark. The median initial return was 5.0%, while there were negative initial returns in only 17% of the IPOs. During their first 3years of listing, IPOs on average underperformed their benchmark by a cumulative 10.0%, but this result is statistically insignificant. The period 1997—beginning of 2000 was a true hot-issue period for growth stocks: their level of initial underpricing was 35.8%, compared to 9.2% during cold-issue periods. These growth IPOs also significantly underperformed their benchmark by 38.4% after 3years. Springer, 2006 Dutch stock market nationallicence IPO nationallicence hot- and cold-issue periods nationallicence initial underpricing nationallicence long-term underperformance nationallicence Doeswijk R. Institute for Research and Investment Services (IRIS), research enterprise of Rabobank and Robeco, P.O. Box 1296, 3000, Rotterdam, BG, The Netherlands aut Hemmes H. Fortis Meespierson, P.O. Box 293, 1000, Amsterdam, AG, The Netherlands aut Venekamp R. Robeco, P.O. Box 973, 3000, Rotterdam, AZ, The Netherlands aut De Economist Kluwer Academic Publishers-Plenum Publishers; http://www.springer-ny.com 154/3(2006-09-01), 405-427 0013-063X 154:3<405 2006 154 10645 https://doi.org/10.1007/s10645-006-9017-y text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10645-006-9017-y text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Doeswijk R. Institute for Research and Investment Services (IRIS), research enterprise of Rabobank and Robeco, P.O. Box 1296, 3000, Rotterdam, BG, The Netherlands aut NATIONALLICENCE 700 1- Hemmes H. Fortis Meespierson, P.O. Box 293, 1000, Amsterdam, AG, The Netherlands aut NATIONALLICENCE 700 1- Venekamp R. Robeco, P.O. Box 973, 3000, Rotterdam, AZ, The Netherlands aut NATIONALLICENCE 773 0- De Economist Kluwer Academic Publishers-Plenum Publishers; http://www.springer-ny.com 154/3(2006-09-01), 405-427 0013-063X 154:3<405 2006 154 10645 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer