00000caa a22000003i 4500 UP-1685594773862388546 Buklod 20210318143237.0 m | | ta 210318s1998 xx r |||| u|eng d (iLib)UPBAG-00039513737 BAG rda eng ARTICLE-2733 Unite, Angelo A. author. Performance of Philippine initial public offerings critique of current studies and update Angelo A. Unite and Michael J. Sullivan. 1998. pages 187-207 25 cm text rdacontent unmediated rdamedia volume rdacarrier Includes bibliographical references (page 207). This paper investigams the short- and long-run performance of Philippine Initial Public Offerings (IPOs) from 1987 to 1997. We compare our results to those in papers published in Philippine journals and discuss the shortcomings of these previous studies. Based on our results, we find that past researchers may have inadequately studied market price reactions to IPOs, and that IPOs earn, on average, returns of 22.69 percent on the initial trading day. Over a three-year aftermarket period, returns total 48.33 percent or 5.44 percent less than a matched set of publicly-traded firms. This suggests that although investors in Philippine IPOs make significant returns on the initial trading clay, if they hold stock of IPOs for a long period, they earn slightly lower average returns than if they had held other comparable stocks. We think that our estimates are derived in a manner consistent with international financial market studies and that these results may be a more accurate depiction of actual performance of Philippine IPOs. The Philippine Review of Business and Economics Vol. XXXV, No. 1 (June 1998), p. 187-207. (viewed 18 March 2021) FI UPBAG UPBAG-MAIN ARTICLE-2733 Analytics