Matches in SemOpenAlex for { <https://semopenalex.org/work/W3147802979> ?p ?o ?g. }
Showing items 1 to 67 of
67
with 100 items per page.
- W3147802979 abstract "We provide empirical support for the conventional wisdom that there are times when optimistic investors tend to build their hopes into castles in the air, and pay a large premium over intrinsic value for stocks of firms in the early stages of their life cycles with perceived growth opportunities. We use industry IPO waves containing a set of firms in the same industry that went public at about the same time in a cluster to identify those time periods and firms that are relatively homogenous and in the same early growth stages of their life cycles. We find that three years after an industry IPO wave ends, among the firms in the wave with relatively high historical sales growth rates, those with low gross margins are over-valued relative to firms with high gross margins. They under-perform their industry IPO wave peers by 0.92% per month, or about 12% per year, during the subsequent four-year period after adjusting for risk and firm characteristics differentials. Further, the average future returns on these firms are even below the corresponding risk-free returns. Our findings contribute to the literature on inefficient capital markets by identifying situations when prices of some stocks are likely to be affected by bounded rationality or biases in the way investors make decisions, and agency issues limit the ability of more sophisticated arbitrageurs who have to rely on other people's money from exploiting any resultant profit opportunities." @default.
- W3147802979 created "2021-04-13" @default.
- W3147802979 creator A5006347099 @default.
- W3147802979 creator A5055383535 @default.
- W3147802979 creator A5067290858 @default.
- W3147802979 date "2012-01-01" @default.
- W3147802979 modified "2023-09-26" @default.
- W3147802979 title "Building Castles in the Air: Evidence from Industry IPO Waves" @default.
- W3147802979 hasPublicationYear "2012" @default.
- W3147802979 type Work @default.
- W3147802979 sameAs 3147802979 @default.
- W3147802979 citedByCount "0" @default.
- W3147802979 crossrefType "posted-content" @default.
- W3147802979 hasAuthorship W3147802979A5006347099 @default.
- W3147802979 hasAuthorship W3147802979A5055383535 @default.
- W3147802979 hasAuthorship W3147802979A5067290858 @default.
- W3147802979 hasConcept C10138342 @default.
- W3147802979 hasConcept C106159729 @default.
- W3147802979 hasConcept C108170787 @default.
- W3147802979 hasConcept C111472728 @default.
- W3147802979 hasConcept C12559387 @default.
- W3147802979 hasConcept C138885662 @default.
- W3147802979 hasConcept C144133560 @default.
- W3147802979 hasConcept C160623529 @default.
- W3147802979 hasConcept C162324750 @default.
- W3147802979 hasConcept C166052673 @default.
- W3147802979 hasConcept C189560676 @default.
- W3147802979 hasConcept C556758197 @default.
- W3147802979 hasConceptScore W3147802979C10138342 @default.
- W3147802979 hasConceptScore W3147802979C106159729 @default.
- W3147802979 hasConceptScore W3147802979C108170787 @default.
- W3147802979 hasConceptScore W3147802979C111472728 @default.
- W3147802979 hasConceptScore W3147802979C12559387 @default.
- W3147802979 hasConceptScore W3147802979C138885662 @default.
- W3147802979 hasConceptScore W3147802979C144133560 @default.
- W3147802979 hasConceptScore W3147802979C160623529 @default.
- W3147802979 hasConceptScore W3147802979C162324750 @default.
- W3147802979 hasConceptScore W3147802979C166052673 @default.
- W3147802979 hasConceptScore W3147802979C189560676 @default.
- W3147802979 hasConceptScore W3147802979C556758197 @default.
- W3147802979 hasLocation W31478029791 @default.
- W3147802979 hasOpenAccess W3147802979 @default.
- W3147802979 hasPrimaryLocation W31478029791 @default.
- W3147802979 hasRelatedWork W1128796736 @default.
- W3147802979 hasRelatedWork W121474986 @default.
- W3147802979 hasRelatedWork W1570043308 @default.
- W3147802979 hasRelatedWork W1591648159 @default.
- W3147802979 hasRelatedWork W1984722587 @default.
- W3147802979 hasRelatedWork W2006507360 @default.
- W3147802979 hasRelatedWork W2043464706 @default.
- W3147802979 hasRelatedWork W2154118345 @default.
- W3147802979 hasRelatedWork W2184600458 @default.
- W3147802979 hasRelatedWork W2403411390 @default.
- W3147802979 hasRelatedWork W2766608447 @default.
- W3147802979 hasRelatedWork W289656848 @default.
- W3147802979 hasRelatedWork W3100324674 @default.
- W3147802979 hasRelatedWork W3121808004 @default.
- W3147802979 hasRelatedWork W3122172145 @default.
- W3147802979 hasRelatedWork W3122367432 @default.
- W3147802979 hasRelatedWork W8755911 @default.
- W3147802979 hasRelatedWork W2109898206 @default.
- W3147802979 hasRelatedWork W2597805651 @default.
- W3147802979 hasRelatedWork W3126010925 @default.
- W3147802979 isParatext "false" @default.
- W3147802979 isRetracted "false" @default.
- W3147802979 magId "3147802979" @default.
- W3147802979 workType "article" @default.