Titlebook: Information Risk and Long-Run Performance of Initial Public Offerings; Frank Ecker Book 2009 Gabler Verlag | Springer Fachmedien Wiesbaden

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oral and craniofacial health of the population. Advances in genomics, proteomics, microbiomics, and bioinformatics are changing the face of health care, and dentistry is morphing as a result of this new knowledge and these technologies. Personalized or individualized medicine will allow more accurat

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on or metabolic changes encountered in some inherited conditions. In addition, the etiology of some enamel defects, such as molar-incisor hypomineralization (MIH), is likely to involve both environmental and hereditary factors. Genetic mutations in the proteins involved in enamel formation may resul

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Introduction and Motivation, (IPOs). Starting with Ritter (1991), this debate has concentrated on long-term underperformance, i.e., negative abnormal returns. He showed that the average IPO firm has a negative abnormal return over three years after the initial listing. Several researchers (see, e.g., Fama 1998) have voiced met

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Valuation under Information Risk,e main question about how investors price IPO firms. The first section presents two possible definitions of information risk as based on the equilibrium model by Easley and O’Hara (2004). In the second section, different ways of how empirical researchers have operationalized the notion of informatio

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Abnormal Returns Measurement and Hypotheses Development, returns should be estimated. This section critically reviews this debate and provides a rationale for the approach as applied in this work. A reader whose interest in methodological issues is limited might want to continue with Section 4.2. In short, the approach used in this work is a calendar-tim

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Tests with Abnormal Portfolio Returns,Schwert (2004), real estate investment trusts (REITs) (SIC 6798) and closed-end funds (SIC 6726) are dropped from the sample. Following Ritter (1991) and Teoh et al. (1998), I also exclude so-called penny stocks with an offer price of one dollar or less and unit offerings from my sample.

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Robustness Tests,r (1974) propose to measure abnormal returns on a firm-specific basis and then form monthly calendartime portfolios using abnormal returns. Mitchell and Stafford (2000) compare both calendar-time methods and conclude that there is no difference in inferences about abnormal returns, but the Jaffe and

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