Returns on Initial Public Offerings of Closed-End Funds
- 1 October 1990
- journal article
- Published by Oxford University Press (OUP) in The Review of Financial Studies
- Vol. 3 (4) , 695-708
- https://doi.org/10.1093/rfs/3.4.695
Abstract
Examination of 41 closed-end fund initial public offerings (IPOs) during the period from January 1986 to June 1987 reveals that the mean initial day's return is not significantly different from zero in contrast to previous findings for nonfund IPOs. New funds also show significant negative after-market returns unlike other new issues. Despite the disparity between our findings and previous results, our results are consistent with existing models.Keywords
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