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Gueorgui I. Kolev
''Forecasting aggregate stock returns using the number of initial public offerings as a predictor''
( 2008, Vol. 7 No.13 )
Large number of Initial Public Offerings (IPOs) reliably predicts subsequent low equally weighted aggregate stock returns and the return differential between small and big firms, both in-sample and out-of-sample. The forecasting patterns are consistent with a behavioral story featuring investor sentiment and limits to arbitrage.
Keywords: Initial Public Offerings
G3 - Corporate Finance and Governance: General
Manuscript Received : Aug 31 2008 Manuscript Accepted : Oct 14 2008

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