Browsing by Author "Mello, Manuel Maria Cardoso de Menezes de Portugal e"
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- US Fintech Sector : short-run and long-run performance of initial public offeringsPublication . Mello, Manuel Maria Cardoso de Menezes de Portugal e; Andrade, João Guerreiro Freire deThe present master thesis develops an analysis of the short-run and long-run performance of initial public offerings (IPOs) in the US fintech industry between 2005 and 2018. A sample of 128 fintech companies is analysed in the following study. As regards to the short-run performance, a mean initial return of 19.35% is observed. Moreover, the existence of ex-ante and ex-post proxies for uncertainty is rejected, which is strongly in contrast with previous literature on this subject. Concerning the long-run performance, two approaches are followed: the event-time and the calendar-time approaches. After applying these two methods, it is shown that underperformance is not a phenomenon witnessed in the US fintech sector. In fact, although with a few exceptions, the results are more inclined to the existence of positive abnormal returns. Nevertheless, findings are not as clear as for the short-run case.