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Lockup Expirations in Brazilian IPOs
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Entrepreneurship and innovation.
2012 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

In this study, we conducted an event study of 100 Brazilian IPO’s from 2004 to 2010 to detect if there was any significant abnormal returns after the expiration of the IPO lockup period, during which pre-IPO shareholders are prevented from selling their shares. We found no significant abnormal returns for all companies during all event dates examined, though we did detect significant negative abnormal returns around lockup for high- volatility firms. We also find that after the lockup expiration, there is a higher frequency of days with a higher-than-average trading volume.

Place, publisher, year, edition, pages
2012. , 36 p.
Keyword [en]
IPO, lockup, brazil, expirations
National Category
Economics and Business
URN: urn:nbn:se:kth:diva-154564OAI: diva2:757770
Available from: 2014-11-05 Created: 2014-10-23 Last updated: 2014-11-05Bibliographically approved

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