Les déterminants de la performance à long terme des introductions en bourse: le cas français

F. DERRIEN, F. Degeorge

Revue Banque et Marchés

September 2001, vol. 55, pp.8-18

Departments: Finance, GREGHEC (CNRS)

We study the stock price performance of 243 French companies that went public on the French Second Marché and Nouveau Marché between 1991 and 1998. First, the stock price performance is not significantly negative over a 36-month period. Second, the IPO and firm characteristics of the offerings do not explain this performance. This suggests that the IPO price correctly summarizes the information at hand at the time of the offering on average