The Pricing of Portuguese Privatisation Second Initial Public Offerings

Table 1

Portuguese IPO research.

Period	Borges [6]	Almeida and Duque [5]	Vieira and Serra [4]	Alpalhão [3]
	1987–2004	1992–1998	1989–2001	1986-1987
Offer category	57 IPO in 1987, 43 after 1987, the former either with the State or private shareholders as issuers, including Portugal Telecom, notwithstanding the Companhia Portuguesa Rádio Marconi previous listing	All IPO listed in the Lisbon Official Market, either with the State or private shareholders as issuers, including Portugal Telecom	All privatizations, both primary and secondary offers, including Portugal Telecom	All IPO
Sample size	100 (19 PIPO)	21 (11 PIPO)	42 (19 PIPO)	62 (0 PIPO)
Time frame	1 day, 36 months	1 year (247 days)	1, 7, 30 days; 6, 12, 18, 24, 30, and 36 months	30 days
Return definition	Daily, log	Daily, log	Daily, log	Daily, level
Performance measure	CAR	CAR, WR	CAR	CAR
Benchmark index	BTA (1987), PSI Geral (1988 on)	PSI Geral	PSI Geral, S&P500	BTA
Weightings	EW	EW, VW (weights formed with initial prices)	EW	EW

This table summarizes the results of Portuguese IPO research. IPO stands for initial public offers. PIPO means initial public offers which are privatizations. CAR are cumulative abnormal returns, with the market proxied by the benchmark index. WR means wealth relatives. EW means equal weights for each security and VW weights given by the initial prices of the shares offered in IPO.