Research Article
The Pricing of Portuguese Privatisation Second Initial Public Offerings
Table 4
1 to 12-, 36-, and 60-month BHR and BHAR.
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The table reports returns earned with a buy and hold strategy of the equally weighted Portuguese PSIPO portfolio for 1 to 12, 36, and 60 months following the first (or only) public offer, both with (BHAR) and without (BHR) adjustment for market movements. ***, **, and * denote, respectively, a return statistically different from zero for a significance level of 1%, 5%, and 10%. |