The Pricing of Portuguese Privatisation Second Initial Public Offerings

Table 2

Initial returns.

	Equally weighted		Value-weighted
	Gross	Abnormal	Gross	Abnormal
Mean	0,10%	−1,94%	24,31%	23,05%
T-statistic		−2,033**		14,236***
Median	0,16%	−0,10%
Minimum	−24,14%	−27,26%
Maximum	37,75%	37,84%
Number of PSIPO with initial returns
Positive	8	7
Negative	7	8
Total	15	15

This table reports the fifteen privatization second initial public offerings (PSIPO) statistics. Asterisks show statistical significance: *** shows difference from zero with a 1% significance, and ** shows difference from zero for a 5% significance level. Equally weightedshows means computed with equal weights; value-weighted shows means weighted by the value of the initial privatization offer.