Call Me When You Grow Up: Firms’ Age, Size, and IPO Performance across Sectors
Abstract
:1. Introduction
2. Literature Review
3. Data and Method
4. Empirical Findings
4.1. Portfolio View
4.2. Sector View
5. Robustness Checks
6. Conclusions
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
1 | For example, Zoom Video Communications IPO was in April 2019 at the young age of 8. It raised USD 750M, which enabled it to improve its online products early before the pandemic outbreak. Zoom has become the leading platform used internationally, leaving its competitors far behind. |
2 | https://www.cms.gov/ (accessed on 19 November 2022). |
3 | https://www.bls.gov/emp/industry-employment/industry.xlsx (accessed on 19 November 2022). |
4 | https://www.zippia.com/advice/us-healthcare-industry-statistics/ (accessed on 19 November 2022). |
5 | https://www.statista.com/statistics/1239480/united-states-leading-states-by-tech-contribution-to-gross-product/ (accessed on 19 November 2022). |
6 | https://nhtechalliance.org/wp-content/uploads/2019/10/CompTIA_Cyberstates_2019.pdf?x84255 (accessed on 19 November 2022). |
7 | According to Stockanalysis.com, there were 232,480 and 1058 IPOs in 2019, 2020 and 2021 respectively. |
8 | S&P500 Healthcare for the healthcare sector, S&P500 Real Estate for the real estate sector and so on. |
9 | These results are available upon request. |
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Panel A: Pre-IPO Market Value of the Q1 to Q5 Portfolios (in USD Millions) | ||||||
Portfolios: Q1 = lowest quintile; Q5 = highest | ||||||
EntireSample | Q1 | Q2 | Q3 | Q4 | Q5 | |
Average | 1561 | 36 | 164 | 371 | 821 | 6400 |
Median | 357 | 33 | 162 | 357 | 786 | 2539 |
Min | 0.001 | 0.001 | 90 | 250 | 525 | 1323 |
Max | 320,213 | 89 | 249 | 524 | 1322 | 320,213 |
Std. Dev | 9844 | 27 | 46 | 77 | 229 | 21,332 |
Obs. | 1607 | 322 | 321 | 321 | 321 | 322 |
Panel B: Pre-IPO Market Value by Sector | ||||||
Sector | Entire Sample | Healthcare | Technology | Financial Services | Consumer Cyclical | Energy |
Average | 1561 | 1033 | 1292 | 1920 | 3024 | 1303 |
Median | 357 | 212 | 483 | 382 | 686 | 722 |
Min | 0.001 | 0.048 | 0.99 | 0.28 | 0.26 | 4.437 |
Max | 320,213 | 320,213 | 75,463 | 81,181 | 149,464 | 11,444 |
Std. Dev | 9841 | 14,274 | 4921 | 6905 | 12,891 | 1816 |
Obs. | 1611 | 505 | 262 | 169 | 155 | 140 |
Sector | Industrials | Real Estate | Communication Services | Consumer Defensive | Basic Materials | Utilities |
Average | 1141 | 869 | 3657 | 1938 | 1347 | 790 |
Median | 356 | 271 | 674 | 509 | 740 | 426 |
Min | 0.001 | 0.37 | 16.288 | 12.186 | 4.096 | 7.3 |
Max | 12,059 | 6042 | 81,247 | 53,520 | 8981 | 2498 |
Std. Dev | 1963 | 1269 | 10,017 | 6770 | 1812 | 843 |
Obs. | 96 | 85 | 85 | 63 | 38 | 13 |
Panel C: Asset Value of the Firms in the Q1 to Q5 Portfolios Pre-IPO (in USD Millions) | ||||||
Portfolio | Entire Sample | Q1 | Q2 | Q3 | Q4 | Q5 |
Average | 1853 | 15 | 61 | 156 | 576 | 8401 |
Median | 145 | 14 | 60 | 145 | 515 | 2669 |
Min | 0.001 | 0.001 | 35 | 92 | 261 | 1109 |
Max | 232,294 | 35 | 91 | 261 | 1109 | 232,294 |
Std. Dev | 11,721 | 11 | 16 | 48 | 249 | 25,087 |
Obs. | 1607 | 322 | 321 | 321 | 321 | 322 |
Panel D: Pre-IPO Asset Value of the Firms by Sector | ||||||
Sector | Entire Sample | Healthcare | Technology | Financial Services | Consumer Cyclical | Energy |
Average | 1853 | 156 | 606 | 9574 | 2404 | 1448 |
Median | 145 | 42 | 122 | 1047 | 416 | 539 |
Min | 0.001 | 0.001 | 0.19 | 0.001 | 0.232 | 0.001 |
Max | 232,294 | 8577 | 24,390 | 232,294 | 137,238 | 28,908 |
Std. Dev | 11,717 | 609 | 1884 | 32,933 | 11,424 | 3304 |
Obs. | 1608 | 504 | 261 | 169 | 155 | 140 |
Sector | Industrials | Real Estate | Communication Services | Consumer Defensive | Basic Materials | Utilities |
Average | 1446 | 1637 | 1510 | 1053 | 1756 | 909 |
Median | 448 | 327 | 185 | 148 | 702 | 606 |
Min | 0.348 | 0.001 | 4.987 | 8.235 | 3.035 | 1.198 |
Max | 17,015 | 18,868 | 36,029 | 9140 | 10,014 | 2654 |
Std. Dev | 2593 | 3024 | 4679 | 2055 | 2472 | 889 |
Obs. | 95 | 85 | 85 | 63 | 38 | 13 |
Panel E: Age of the Firms in the Q1 to Q5 Portfolios (years) | ||||||
Portfolio | Entire Sample | Q1 | Q2 | Q3 | Q4 | Q5 |
Average | 16.6 | 10.3 | 12.7 | 14.4 | 17.3 | 28.2 |
Median | 10.0 | 8.0 | 10.0 | 9.0 | 10.0 | 12.0 |
Min | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
Max | 186.0 | 122.0 | 160.0 | 172.0 | 158.0 | 186.0 |
Std. Dev | 23.9 | 11.6 | 16.2 | 20.1 | 22.7 | 36.7 |
Obs. | 1610 | 321 | 321 | 321 | 321 | 326 |
Panel F: Age of the Firms by Sector | ||||||
Sector | Entire Sample | Healthcare | Technology | Financial Services | Consumer Cyclical | Energy |
Average | 17 | 10 | 13 | 23 | 28 | 13 |
Median | 10 | 8 | 11 | 12 | 17 | 4 |
Min | 1 | 1 | 1 | 1 | 1 | 1 |
Max | 186 | 76 | 73 | 186 | 166 | 150 |
Std. Dev | 24 | 9 | 10 | 32 | 29 | 28 |
Obs. | 1610 | 505 | 261 | 169 | 154 | 139 |
Sector | Industrials | Real Estate | Communication Services | Consumer Defensive | Basic Materials | Utilities |
Average | 34 | 10 | 14 | 27 | 30 | 9 |
Median | 21 | 3 | 8 | 14 | 6 | 7 |
Min | 1 | 1 | 1 | 1 | 1 | 1 |
Max | 172 | 101 | 160 | 140 | 186 | 29 |
Std. Dev | 37 | 20 | 22 | 34 | 45 | 8 |
Obs. | 96 | 86 | 85 | 63 | 39 | 13 |
Panel G: Funds Raised by the Firms in the Q1 to Q5 Portfolios (USD Million) | ||||||
Portfolio | Entire Sample | Q1 | Q2 | Q3 | Q4 | Q5 |
Average | 263.2 | 70.7 | 81.8 | 115.9 | 205 | 834.3 |
Median | 105.6 | 47.7 | 64.2 | 96.9 | 161 | 446.7 |
Min | 2.4 | 2.4 | 6.5 | 3.5 | 4.4 | 13.8 |
Max | 21,767.2 | 2548.5 | 360.3 | 900.0 | 2816.0 | 21,767.20 |
Std. Dev | 911.9 | 156.3 | 59.4 | 89.6 | 195.7 | 1904.70 |
Obs. | 1611 | 322 | 321 | 321 | 321 | 326 |
Panel H: Funds Raised by the Firms by Sector (USD Million) | ||||||
Sector | Entire Sample | Healthcare | Technology | Financial Services | Consumer Cyclical | Energy |
Average | 263.2 | 96.6 | 211.5 | 310.6 | 520.5 | 373.7 |
Median | 105.6 | 70.5 | 102.6 | 101.3 | 164.4 | 230.4 |
Min | 2.4 | 3.5 | 6.1 | 6.2 | 6.5 | 10.2 |
Max | 21,767.2 | 2238.6 | 8100 | 7036.7 | 21,767.2 | 2864 |
Std. Dev | 911.9 | 148 | 555.8 | 746.2 | 2147.7 | 434.3 |
Obs. | 1608 | 504 | 261 | 169 | 155 | 140 |
Sector | Industrials | Real Estate | Communication Services | Consumer Defensive | Basic Materials | Utilities |
Average | 275.5 | 294.9 | 631.6 | 211.4 | 339 | 229.5 |
Median | 152.5 | 176.9 | 150 | 135 | 247.1 | 280 |
Min | 3.1 | 2.4 | 15.1 | 5.6 | 5.3 | 7.3 |
Max | 1875.5 | 2292.5 | 16,006.9 | 1022.2 | 2898 | 501.6 |
Std. Dev | 341.1 | 364.6 | 2008.9 | 234.4 | 473 | 176.7 |
Obs. | 95 | 85 | 85 | 63 | 38 | 13 |
Panel A: CAAR Relative to the S&P 500 | ||||||
Days Relative to Event | Q1 | Q2 | Q3 | Q4 | Q5 | Q5−Q1 |
1 to 10 | −2.46% | 0.34% | 2.20% | 0.36% | 1.44% | 3.90% |
(−2.12) | (0.43) | (2.92) | (0.53) | (1.07) | ||
1 to 20 | −2.55% | 1% | 2.90% | 1.66% | 1.44% | 4.00% |
(−1.71) | (0.98) | (3.28) | (1.9) | (1) | ||
1 to 50 | −8.36% | 0.84% | 2.50% | 1.20% | 1.72% | 10.08% |
(−4.45) | (0.5) | (1.73) | (0.89) | (0.91) | ||
1 to 75 | −9.95% | −1.01% | 1.33% | 0.11% | 0.85% | 10.80% |
(−4.54) | (−0.53) | (0.76) | (0.06) | (0.44) | ||
1 to 100 | −16.06% | −5.03% | −1.48% | −1.39% | −1.85% | 14.21% |
(−6.54) | (−2.1) | (−0.74) | (−0.76) | (−0.87) | ||
1 to 150 | −26.18% | −10.89% | −7.18% | −6.83% | −9.15% | 17.03% |
(−8.92) | (−3.86) | (−2.9) | (−2.84) | (−3.85) | ||
1 to 200 | −35.75% | −17.70% | −9.40% | −7.70% | −10.98% | 24.77% |
(−9.9) | (−5.36) | (−3.22) | (−2.77) | (−4.03) | ||
1 to 250 | −42.77% | −18.13% | −13.22% | −9.76% | −14.59% | 28.17% |
(−10.28) | (−5.15) | (−3.95) | (−3.23) | (−4.72) | ||
1 to 300 | −51.54% | −22.41% | −16.23% | −13.51% | −18.97% | 32.58% |
(−11.19) | (−5.77) | (−4.27) | (−4.07) | (−5.85) | ||
1 to 550 | −89.26% | −43.62% | −24.73% | −12.24% | −27.74% | 61.52% |
(−12.66) | (−7.11) | (−4.47) | (−2.7) | (−5.87) | ||
1 to 750 | −113.91% | −45.81% | −32.24% | −11.95% | −25.57% | 88.33% |
Panel B: CAAR Relative to the Russell 2000 | ||||||
Days Relative to Event | Q1 | Q2 | Q3 | Q4 | Q5 | Q5−Q1 |
1 to 10 | −2.26% | 0.50% | 2.42% | 0.24% | 1.67% | 3.93% |
(−1.97) | (0.63) | (3.23) | (0.35) | (1.24) | ||
1 to 20 | −2.19% | 1.23% | 3.35% | 1.77% | 1.67% | 3.85% |
(−1.49) | (1.22) | (3.86) | (2.1) | (1.15) | ||
1 to 50 | −8.05% | 1.38% | 3.06% | 1.41% | 1.95% | 9.99% |
(−4.31) | (0.83) | (2.14) | (1.07) | (1.03) | ||
1 to 75 | −9.39% | −0.08% | 2.64% | 0.47% | 1.60% | 10.99% |
(−4.33) | (−0.04) | (1.55) | (0.29) | (0.82) | ||
1 to 100 | −15.41% | −4.16% | −0.31% | −0.83% | −1.12% | 14.28% |
(−6.35) | (−1.79) | (−0.16) | (−0.47) | (−0.53) | ||
1 to 150 | −25.17% | −9.60% | −5.46% | −5.89% | −7.75% | 17.42% |
(−8.65) | (−3.48) | (−2.26) | (−2.54) | (−3.31) | ||
1 to 200 | −34.21% | −15.72% | −7.06% | −5.89% | −8.72% | 25.48% |
(−9.59) | (−4.87) | (−2.48) | (−2.19) | (−3.23) | ||
1 to 250 | −40.76% | −15.18% | −9.62% | −7.10% | −10.95% | 29.80% |
(−9.93) | (−4.41) | (−2.96) | (−2.45) | (−3.55) | ||
1 to 300 | −48.84% | −19.35% | −12.39% | −10.77% | −15.36% | 33.47% |
(−10.81) | (−5.07) | (−3.34) | (−3.33) | (−4.8) | ||
1 to 550 | −85.56% | −39.54% | −20.45% | −8.33% | −22.58% | 62.98% |
(−12.29) | (−6.53) | (−3.75) | (−1.86) | (−4.86) | ||
1 to 750 | −110.41% | −42.16% | −28.02% | −8% | −21.51% | 88.90% |
(−13.05) | (−5.69) | (−4.51) | (−1.5) | (−3.74) | ||
Panel C: CAAR Relative to the Sector Indices | ||||||
Days Relative to Event | Q1 | Q2 | Q3 | Q4 | Q5 | Q5−Q1 |
1 to 10 | −2.53% | 0.37% | 2.12% | 0.47% | 1.52% | 4.05% |
(−2.19) | (0.47) | (2.8) | (0.68) | (1.12) | ||
1 to 20 | −2.62% | 0.83% | 2.87% | 1.82% | 1.80% | 4.42% |
(−1.77) | (0.81) | (3.28) | (2.07) | (1.26) | ||
1 to 50 | −8.55% | 0.34% | 2.36% | 1.67% | 2.19% | 10.74% |
(−4.55) | (0.2) | (1.64) | (1.23) | (1.16) | ||
1 to 75 | −10.20% | −1.38% | 1.23% | 0.61% | 1.40% | 11.60% |
(−4.64) | (−0.72) | (0.71) | (0.37) | (0.72) | ||
1 to 100 | −16.23% | −5.28% | −1.28% | −0.82% | −1.08% | 15.15% |
(−6.64) | (−2.2) | (−0.65) | (−0.45) | (−0.52) | ||
1 to 150 | −26.46% | −11.39% | −7.01% | −6.24% | −7.63% | 18.83% |
(−9.06) | (−4.04) | (−2.84) | (−2.63) | (−3.22) | ||
1 to 200 | −36.66% | −18.38% | −9.06% | −7.22% | −8.99% | 27.67% |
(−10.23) | (−5.62) | (−3.12) | (−2.62) | (−3.32) | ||
1 to 250 | −43.80% | −19% | −12.97% | −8.88% | −12.48% | 31.31% |
(−10.5) | (−5.47) | (−3.87) | (−2.96) | (−4.07) | ||
1 to 300 | −53.07% | −23.28% | −16.17% | −12.24% | −16.60% | 36.47% |
(−11.49) | (−6.09) | (−4.25) | (−3.69) | (−5.14) | ||
1 to 550 | −90.70% | −43.01% | −23.50% | −9.24% | −23.25% | 67.44% |
(−12.93) | (−7.19) | (−4.21) | (−2.05) | (−5.08) | ||
1 to 750 | −113.44% | −44.37% | −29.91% | −6.94% | −20.85% | 92.59% |
(−13.5) | (−6.09) | (−4.8) | (−1.31) | (−3.74) |
Entire Sample | Healthcare | Technology | |||||||
Days Relative to Event | Entire | MV < 500 | MV > 500 | Entire | Small | Big | Entire | Small | Big |
1 to 10 | 0.42% | 0.03% | 0.95% | 0.12% | −0.10% | 1.02% | 0.20% | 0.62% | −0.24% |
(0.96) | (0.05) | (1.28) | (0.15) | (−0.11) | (0.63) | (0.22) | (0.48) | (−0.21) | |
1 to 20 | 0.97% | 0.53% | 1.47% | 1.30% | 1.16% | 1.37% | 1.54% | 1.99% | 1.07% |
(1.84) | (0.78) | (1.79) | (1.22) | (0.96) | (0.66) | (1.31) | (1.09) | (0.73) | |
1 to 50 | −0.38% | −1.54% | 1.22% | −1.57% | −2.59% | 2.52% | 2.70% | 3.45% | 1.93% |
(−0.5) | (−1.54) | (1.07) | (−0.98) | (−1.43) | (0.74) | (1.51) | (1.26) | (0.85) | |
1 to 75 | −1.69% | −3.10% | 0.26% | −3.02% | −3.49% | −1.10% | 4.36% | 2.83% | 5.94% |
(−1.97) | (−2.66) | (0.21) | (−1.66) | (−1.68) | (−0.29) | (2.02) | (0.84) | (2.18) | |
1 to 100 | −5.10% | −7.47% | −1.82% | −7.17% | −8.08% | −3.75% | 0.89% | −2.23% | 4.09% |
(−5.23) | (−5.51) | (−1.32) | (−3.48) | (−3.43) | (−0.88) | (0.35) | (−0.55) | (1.42) | |
1 to 150 | −11.95% | −14.67% | −8.23% | −15.56% | −15.80% | −15.62% | −9.92% | −14.76% | −5.04% |
(−10.13) | (−8.97) | (−4.96) | (−6.39) | (−5.77) | (−2.96) | (−3.19) | (−2.77) | (−1.61) | |
1 to 200 | −16.18% | −21.03% | −9.50% | −21.79% | −23.22% | −16.37% | −11.42% | −21.31% | −1.45% |
(−11.58) | (−10.71) | (−4.98) | (−7.45) | (−6.93) | (−2.8) | (−3.27) | (−3.6) | (−0.42) | |
1 to 250 | −19.65% | −24.75% | −12.43% | −25.73% | −26.96% | −20.36% | −14.16% | −25.61% | −2.89% |
(−12.55) | (−11.2) | (−5.85) | (−7.98) | (−7.23) | (−3.3) | (−3.57) | (−3.88) | (−0.69) | |
1 to 300 | −24.59% | −29.96% | −16.87% | −30.76% | −32.57% | −22.12% | −18.80% | −31.66% | −6.24% |
(−14.19) | (−12.11) | (−7.37) | (−8.6) | (−7.81) | (−3.47) | (−4.23) | (−4.28) | (−1.32) | |
1 to 550 | −40.21% | −53.97% | −20.14% | −54.59% | −63.49% | −16.54% | −27.40% | −47.66% | −5.70% |
(−15.17) | (−14.09) | (−6.18) | (−9.38) | (−9.38) | (−1.75) | (−4.09) | (−4.7) | (−0.71) | |
1 to 750 | −46.94% | −65.72% | −18.86% | −76.81% | −89.08% | −22.52% | −20.63% | −41.41% | 1.97% |
(−14.48) | (−14.2) | (−4.88) | (−10.39) | (−10.61) | (−1.69) | (−2.68) | (−3.76) | (0.2) | |
Financial Services | Consumer Cyclical | Energy | |||||||
Days Relative to Event | Entire Sector | Small | Big | Entire Sector | Small | Big | Entire Sector | Small | Big |
1 to 10 | 0.80% | −1.06% | 3.04% | 1.47% | 2.30% | 0.96% | 0.79% | 0.79% | 0.79% |
(0.46) | (−0.81) | (0.85) | (1.12) | (0.96) | (0.63) | (1.28) | (0.68) | (1.13) | |
1 to 20 | 0.78% | −0.76% | 2.49% | 1.49% | 3.04% | 0.52% | 2.07% | 0.70% | 2.93% |
(0.43) | (−0.57) | (0.67) | (1.06) | (1.19) | (0.32) | (2.64) | (0.59) | (2.87) | |
1 to 50 | −2.08% | −3.43% | −0.62% | 0.24% | −0.86% | 0.92% | 0.93% | 2.20% | 0.13% |
(−0.9) | (−1.68) | (−0.14) | (0.12) | (−0.23) | (0.38) | (0.65) | (0.98) | (0.07) | |
1 to 75 | −3.60% | −4.90% | −2.23% | −4.10% | −8.52% | −1.35% | 0.22% | 0.72% | −0.10% |
(−1.38) | (−1.94) | (−0.45) | (−1.83) | (−2.14) | (−0.52) | (0.12) | (0.23) | (−0.04) | |
1 to 100 | −3.18% | −3.87% | −2.32% | −8.90% | −16.44% | −4.22% | −3.08% | −3.81% | −2.62% |
(−1.15) | (−1.41) | (−0.45) | (−3.18) | (−3.01) | (−1.45) | (−1.41) | (−1.09) | (−0.94) | |
1 to 150 | −4.65% | −4.09% | −4.89% | −15.61% | −25.15% | −9.68% | −6.36% | −8.42% | −5.06% |
(−1.5) | (−1.24) | (−0.87) | (−4.12) | (−3.81) | (−2.17) | (−2.17) | (−1.69) | (−1.41) | |
1 to 200 | −7.55% | −7.94% | −7.69% | −17.01% | −25.38% | −11.90% | −9.48% | −8.60% | −10.03% |
(−1.98) | (−1.74) | (−1.19) | (−3.89) | (−3.35) | (−2.27) | (−2.9) | (−1.62) | (−2.42) | |
1 to 250 | −8.67% | −9.41% | −7.76% | −21.54% | −27.98% | −17.63% | −13.56% | −12.74% | −14.08% |
(−2.13) | (−1.74) | (−1.22) | (−4.59) | (−3.9) | (−2.88) | (−3.57) | (−2.02) | (−2.96) | |
1 to 300 | −10.70% | −9.67% | −11.48% | −28.05% | −37.62% | −22.11% | −15.74% | −13.01% | −17.48% |
(−2.35) | (−1.64) | (−1.59) | (−5.43) | (−4.89) | (−3.25) | (−3.68) | (−1.8) | (−3.33) | |
1 to 550 | −25% | −27.24% | −16.01% | −40.90% | −68.26% | −23.71% | −39.47% | −48.20% | −33.80% |
(−3.75) | (−2.94) | (−1.85) | (−6.1) | (−6.14) | (−3.04) | (−5.14) | (−3.67) | (−3.64) | |
1 to 750 | −15.89% | −16.03% | −15.74% | −45.03% | −79.82% | −19.73% | −50.94% | −67.78% | −40.23% |
(−2.37) | (−1.52) | (−1.97) | (−5.53) | (−6.24) | (−2.1) | (−6.23) | (−4.7) | (−4.22) | |
Industrials | Real Estate | Communication Services | |||||||
Days Relative to Event | Entire Sector | Small | Big | Entire Sector | Small | Big | Entire Sector | Small | Big |
1 to 10 | 0.37% | −0.30% | 1.41% | 0.17% | −1.17% | 2.55% | −4.85% | −5.25% | −4.57% |
(0.28) | (−0.14) | (1.19) | (0.28) | (−1.52) | (2.81) | (−2.62) | (−2.39) | (−1.67) | |
1 to 20 | 0.08% | −1.12% | 1.90% | 0.29% | −1.35% | 3.19% | −5.41% | −7.45% | −3.98% |
(0.05) | (−0.4) | (1.49) | (0.46) | (−1.96) | (3.12) | (−2.33) | (−2.58) | (−1.18) | |
1 to 50 | −1.57% | −2.21% | −0.45% | −1.86% | −5.15% | 3.96% | −5.11% | −12.51% | 0.07% |
(−0.72) | (−0.72) | (−0.15) | (−1.67) | (−4) | (2.43) | (−1.53) | (−3.19) | (0.01) | |
1 to 75 | −4.06% | −4.06% | −3.87% | −4.24% | −8.02% | 2.46% | −6.02% | −14.68% | 0.04% |
(−1.61) | (−1.06) | (−1.4) | (−3.05) | (−4.91) | (1.2) | (−1.66) | (−2.89) | (0.01) | |
1 to 100 | −8.07% | −10.02% | −5.09% | −4.60% | −9.42% | 3.97% | −12.47% | −22.01% | −5.79% |
(−2.54) | (−2.1) | (−1.42) | (−2.72) | (−5.03) | (1.48) | (−3.09) | (−3.45) | (−1.16) | |
1 to 150 | −11.34% | −11.21% | −11.67% | −7.52% | −12.57% | 1.45% | −22.74% | −33.45% | −15.23% |
(−2.6) | (−1.83) | (−1.93) | (−3.26) | (−5.03) | (0.35) | (−4.85) | (−4.82) | (−2.5) | |
1 to 200 | −13.96% | −17.34% | −8.92% | −8.92% | −14.06% | 0.21% | −33.61% | −53.83% | −19.85% |
(−2.91) | (−2.56) | (−1.38) | (−3.45) | (−4.91) | (0.05) | (−5.09) | (−5.4) | (−2.41) | |
1 to 250 | −20.78% | −23.48% | −16.83% | −7.61% | −14.76% | 5.51% | −35.50% | −54.68% | −22.84% |
(−3.37) | (−2.57) | (−2.3) | (−2.86) | (−4.49) | (1.61) | (−4.83) | (−4.98) | (−2.43) | |
1 to 300 | −31.24% | −34.43% | −26.85% | −8.38% | −15.63% | 4.67% | −37.87% | −58.70% | −24.68% |
(−4.21) | (−3.05) | (−3.67) | (−2.88) | (−4.44) | (1.11) | (−5.05) | (−5.55) | (−2.52) | |
1 to 550 | −41.26% | −44.32% | −35.97% | −7.40% | −11.63% | 0.30% | −36.38% | −75.09% | −9.29% |
(−3.6) | (−2.54) | (−3.11) | (−1.89) | (−2.27) | (0.05) | (−3.32) | (−4.4) | (−0.74) | |
1 to 750 | −44.87% | −62.83% | −11.30% | −5.66% | −9.21% | 1.90% | −63.71% | −106.94% | −32.65% |
(−3.48) | (−3.45) | (−0.98) | (−1.13) | (−1.53) | (0.21) | (−3.86) | (−3.63) | (−1.93) | |
Consumer Defensive | Materials | Utilities | |||||||
Days Relative to Event | Entire Sector | Small | Big | Entire Sector | Small | Big | Entire Sector | Small | Big |
1 to 10 | 0.96% | 3.64% | −1.63% | 6.29% | −1.20% | 10.49% | 6.18% | 9.05% | 1.60% |
(0.34) | (0.71) | (−0.7) | (0.96) | (−0.53) | (1.04) | (1.87) | (1.81) | (0.92) | |
1 to 20 | −1.11% | 1.32% | −3.46% | 5.35% | −6.21% | 11.83% | 5.59% | 8.19% | 1.43% |
(−0.39) | (0.26) | (−1.24) | (0.78) | (−1.22) | (1.17) | (0.93) | (0.87) | (0.42) | |
1 to 50 | 0.50% | 4.42% | −3.31% | 4.42% | −2.99% | 8.57% | 10.47% | 17.44% | −0.68% |
(0.13) | (0.77) | (−0.72) | (0.58) | (−0.48) | (0.76) | (1.69) | (2.08) | (−0.11) | |
1 to 75 | −1.90% | 5.90% | −9.46% | 2.75% | −2.63% | 5.76% | 6.09% | 9.55% | 0.55% |
(−0.48) | (1.05) | (−1.83) | (0.33) | (−0.3) | (0.47) | (0.89) | (0.93) | (0.09) | |
1 to 100 | −3.58% | 2.63% | −9.61% | −2.29% | −13.76% | 4.13% | −0.65% | 4.83% | −9.42% |
(−0.78) | (0.41) | (−1.5) | (−0.26) | (−1.24) | (0.34) | (−0.09) | (0.51) | (−0.84) | |
1 to 150 | −12.96% | −12.63% | −13.29% | −5.66% | −17.46% | 0.95% | −3.17% | −0.52% | −7.41% |
(−2.48) | (−1.47) | (−2.18) | (−0.6) | (−1.62) | (0.07) | (−0.45) | (−0.06) | (−0.64) | |
1 to 200 | −21.48% | −25.05% | −18.02% | −11.86% | −31.06% | −1.10% | −8.75% | −7.71% | −10.42% |
(−3.74) | (−2.71) | (−2.62) | (−1.01) | (−1.81) | (−0.07) | (−1.24) | (−0.86) | (−0.92) | |
1 to 250 | −27.25% | −30.86% | −23.76% | −20.85% | −57.84% | −0.14% | −7.39% | −4.53% | −11.97% |
(−4.19) | (−3.05) | (−2.9) | (−1.46) | (−2.4) | (−0.01) | (−1.04) | (−0.47) | (−1.22) | |
1 to 300 | −33.28% | −30.73% | −35.66% | −38.77% | −78.23% | −15.75% | −27.64% | −25.48% | −31.10% |
(−4.27) | (−2.82) | (−3.21) | (−2.83) | (−2.9) | (−1.23) | (−3.04) | (−1.98) | (−2.71) | |
1 to 550 | −52.76% | −63.69% | −42.24% | −71.84% | −133.34% | −34.40% | −56.22% | −44.90% | −78.87% |
(−4.32) | (−3.64) | (−2.51) | (−3.85) | (−3.61) | (−2.25) | (−2.96) | (−2.04) | (−2.36) | |
1 to 750 | −35.32% | −57.56% | −10.61% | −68.94% | −109.12% | −43.56% | −45.63% | −51.48% | −30.03% |
(−2.09) | (−2.07) | (−0.66) | (−3.6) | (−2.77) | (−2.65) | (−2.17) | (−1.82) | (−2.76) |
Market Value | Assets | |||||
---|---|---|---|---|---|---|
Sector | S&P500 | Russle2000 | Sector | S&P500 | Russle2000 | Sector |
Entire sample | √ | √ | √ | √ | √ | √ |
Communication Services | √ | √ | √ | √ | √ | √ |
Consumer Defensive | √ | √ | √ | √ | √ | √ |
Consumer Cyclical | √ | √ | √ | √ | √ | √ |
Energy | 0 | √ | √ | × | 0 | 0 |
Financial Services | 0 | 0 | 0 | √ | √ | √ |
Healthcare | √ | √ | √ | √ | √ | √ |
Industrials | √ | √ | √ | √ | √ | √ |
Technology | √ | √ | √ | 0 | 0 | 0 |
Basic Materials | √ | √ | √ | √ | √ | √ |
Real Estate | √ | √ | √ | √ | √ | √ |
Utilities | × | 0 | √ | × | × | × |
Sum(V) | 9 | 10 | 11 | 9 | 9 | 9 |
Panel A: CAAR Relative to the S&P500 | ||||
Days Relative to Event | A1: 1–6 Years | A2: 7–13 Years | A3: 14+ Years | A3−A1 |
1 to 10 | −0.43% | 0.21% | 1.36% | 1.79% |
(−0.53) | (0.33) | (1.69) | ||
1 to 20 | −0.22% | 1.31% | 1.71% | 1.93% |
(−0.24) | (1.47) | (1.9) | ||
1 to 50 | −2.27% | −0.14% | 1.16% | 3.43% |
(−1.63) | (−0.11) | (0.96) | ||
1 to 75 | −3.75% | −0.55% | −0.86% | 2.89% |
(−2.47) | (−0.36) | (−0.61) | ||
1 to 100 | −7.44% | −4.12% | −3.82% | 3.62% |
(−4.28) | (−2.36) | (−2.42) | ||
1 to 150 | −14.58% | −13.91% | −7.41% | 7.17% |
(−6.95) | (−6.76) | (−3.78) | ||
1 to 200 | −20.50% | −17.61% | −10.39% | 10.11% |
(−8.2) | (−7.22) | (−4.51) | ||
1 to 250 | −24.44% | −21.09% | −13.34% | 11.10% |
(−8.65) | (−7.75) | (−5.2) | ||
1 to 300 | −30.81% | −25.09% | −17.58% | 13.23% |
(−9.96) | (−8.29) | (−6.19) | ||
1 to 550 | −45.99% | −45.45% | −28.81% | 17.18% |
(−10.07) | (−9.71) | (−6.44) | ||
1 to 750 | −56.09% | −54.33% | −29.57% | 26.52% |
(−10.5) | (−8.8) | (−5.75) | ||
Panel B: CAAR Relative to the Russell 2000 | ||||
Days Relative to Event | A1: 1–6 Years | A2: 7–13 Years | A3: 14+ Years | A3−A1 |
1 to 10 | −0.33% | 0.36% | 1.52% | 1.85% |
(−0.4) | (0.55) | (1.9) | ||
1 to 20 | −0.10% | 1.71% | 2% | 2.10% |
(−0.11) | (1.96) | (2.25) | ||
1 to 50 | −2.08% | 0.34% | 1.61% | 3.69% |
(−1.51) | (0.27) | (1.32) | ||
1 to 75 | −3.07% | 0.40% | −0.14% | 2.93% |
(−2.06) | (0.27) | (−0.1) | ||
1 to 100 | −6.79% | −3.03% | −3.19% | 3.60% |
(−3.95) | (−1.78) | (−2.05) | ||
1 to 150 | −13.46% | −12.25% | −6.37% | 7.10% |
(−6.48) | (−6.14) | (−3.32) | ||
1 to 200 | −18.72% | −15.29% | −8.53% | 10.19% |
(−7.57) | (−6.43) | (−3.78) | ||
1 to 250 | −21.49% | −17.78% | −10.66% | 10.84% |
(−7.7) | (−6.7) | (−4.24) | ||
1 to 300 | −27.38% | −21.72% | −14.80% | 12.58% |
(−8.99) | (−7.32) | (−5.32) | ||
1 to 550 | −42.27% | −40.59% | −24.67% | 17.60% |
(−9.33) | (−8.76) | (−5.62) | ||
1 to 750 | −52.09% | −50.47% | −25.80% | 26.29% |
(−9.79) | (−8.21) | (−5.03) | ||
Panel C: CAAR Relative to the Sector Indices | ||||
Days relative to event | A1: 1–6 Years | A2: 7–13 Years | A3: 14+ Years | A3−A1 |
1 to 10 | −0.36% | 0.28% | 1.26% | 1.62% |
(−0.45) | (0.42) | (1.58) | ||
1 to 20 | −0.11% | 1.39% | 1.66% | 1.77% |
(−0.12) | (1.57) | (1.86) | ||
1 to 50 | −2.02% | −0.23% | 1.07% | 3.09% |
(−1.46) | (−0.18) | (0.88) | ||
1 to 75 | −3.13% | −0.85% | −0.99% | 2.14% |
(−2.06) | (−0.56) | (−0.7) | ||
1 to 100 | −6.52% | −4.46% | −3.76% | 2.76% |
(−3.75) | (−2.57) | (−2.38) | ||
1 to 150 | −13.17% | −14.25% | −7.59% | 5.58% |
(−6.27) | (−6.93) | (−3.92) | ||
1 to 200 | −19.01% | −17.94% | −10.82% | 8.19% |
(−7.6) | (−7.35) | (−4.78) | ||
1 to 250 | −22.73% | −21.76% | −13.60% | 9.13% |
(−8.04) | (−7.97) | (−5.36) | ||
1 to 300 | −28.72% | −25.85% | −18.17% | 10.55% |
(−9.22) | (−8.5) | (−6.45) | ||
1 to 550 | −41.22% | −45.67% | −28.68% | 12.54% |
(−8.94) | (−9.8) | (−6.52) | ||
1 to 750 | −48.07% | −54.24% | −29.46% | 18.61% |
(−8.91) | (−8.84) | (−5.88) |
Panel A: CAAR Relative to the S&P 500 | ||||||
Days Relative to Event | Q1 | Q2 | Q3 | Q4 | Q5 | Q5−Q1 |
1 to 10 | −1.99% | 0.94% | 0.55% | −0.56% | 2.87% | 4.86% |
(−1.83) | (0.92) | (0.66) | (−0.8) | (2.42) | ||
1 to 20 | −1.07% | 2.12% | 0.60% | −0.58% | 3.51% | 4.58% |
(−0.72) | (1.77) | (0.62) | (−0.63) | (2.86) | ||
1 to 50 | −5.70% | −0.98% | 0.95% | −1.12% | 4.74% | 10.44% |
(−2.9) | (−0.55) | (0.55) | (−0.84) | (3.27) | ||
1 to 75 | −6.16% | −1.54% | −1.52% | −1.56% | 2.66% | 8.82% |
(−2.76) | (−0.75) | (−0.76) | (−1) | (1.69) | ||
1 to 100 | −11.34% | −5.35% | −4.85% | −4.89% | 1.21% | 12.56% |
(−4.42) | (−2.21) | (−2.22) | (−2.66) | (0.71) | ||
1 to 150 | −21.63% | −15.43% | −10.38% | −10.70% | −1.36% | 20.27% |
(−6.72) | (−5.59) | (−4.09) | (−4.34) | (−0.7) | ||
1 to 200 | −31.51% | −21.20% | −12.21% | −12.60% | −3.08% | 28.43% |
(−8.21) | (−6.33) | (−3.96) | (−4.61) | (−1.42) | ||
1 to 250 | −35.19% | −27.82% | −12.81% | −17.42% | −5.35% | 29.84% |
(−8.23) | (−7.33) | (−3.86) | (−5.44) | (−2.15) | ||
1 to 300 | −43.26% | −31.17% | −17.52% | −21.58% | −10% | 33.26% |
(−9.01) | (−7.38) | (−4.96) | (−6.05) | (−3.65) | ||
1 to 550 | −77.59% | −48.20% | −26.04% | −32.57% | −20.18% | 57.42% |
(−11.14) | (−6.85) | (−4.99) | (−6.05) | (−4.68) | ||
1 to 750 | −104.55% | −52.76% | −32.22% | −34.21% | −16.10% | 88.45% |
(−11.44) | (−6.49) | (−5.02) | (−5.45) | (−3.61) | ||
Panel B: CAAR Relative to the Russell 2000 | ||||||
Days Relative to Event | Q1 | Q2 | Q3 | Q4 | Q5 | Q5−Q1 |
1 to 10 | −1.87% | 1.20% | 0.64% | −0.45% | 2.98% | 4.85% |
(−1.74) | (1.18) | (0.77) | (−0.64) | (2.5) | ||
1 to 20 | −0.71% | 2.62% | 0.83% | −0.37% | 3.59% | 4.30% |
(−0.49) | (2.22) | (0.87) | (−0.41) | (2.91) | ||
1 to 50 | −4.96% | −0.14% | 1.20% | −1.06% | 4.69% | 9.65% |
(−2.56) | (−0.08) | (0.7) | (−0.8) | (3.24) | ||
1 to 75 | −5.25% | −0.06% | −0.87% | −1.06% | 3.04% | 8.29% |
(−2.4) | (−0.03) | (−0.44) | (−0.7) | (1.95) | ||
1 to 100 | −10.22% | −4% | −4.13% | −4.32% | 1.43% | 11.65% |
(−4.05) | (−1.68) | (−1.93) | (−2.41) | (0.85) | ||
1 to 150 | −19.78% | −13.57% | −9.23% | −9.72% | −0.80% | 18.98% |
(−6.25) | (−4.99) | (−3.73) | (−4.05) | (−0.42) | ||
1 to 200 | −28.93% | −18.71% | −10.40% | −10.88% | −1.71% | 27.21% |
(−7.68) | (−5.67) | (−3.45) | (−4.07) | (−0.8) | ||
1 to 250 | −31.91% | −24.33% | −9.67% | −14.76% | −3% | 28.90% |
(−7.6) | (−6.5) | (−2.99) | (−4.72) | (−1.21) | ||
1 to 300 | −39.05% | −27.98% | −14.04% | −18.70% | −7.76% | 31.29% |
(−8.3) | (−6.71) | (−4.05) | (−5.36) | (−2.87) | ||
1 to 550 | −72.15% | −44.27% | −22.43% | −28.64% | −15.87% | 56.29% |
(−10.39) | (−6.38) | (−4.29) | (−5.44) | (−3.79) | ||
1 to 750 | −99.67% | −48.86% | −29.26% | −30.36% | −12.28% | 87.38% |
(−10.96) | (−6.01) | (−4.52) | (−4.85) | (−2.83) | ||
Panel C: CAAR Relative to the Sector Indices | ||||||
Days Relative to Event | Q1 | Q2 | Q3 | Q4 | Q5 | Q5−Q1 |
1 to 10 | −2.13% | 0.73% | 0.59% | −0.32% | 2.98% | 5.11% |
(−1.96) | (0.73) | (0.72) | (−0.45) | (2.51) | ||
1 to 20 | −1.31% | 1.83% | 0.57% | 0.01% | 3.71% | 5.03% |
(−0.89) | (1.55) | (0.6) | (0.01) | (3.04) | ||
1 to 50 | −6.02% | −1.69% | 0.93% | −0.12% | 4.89% | 10.91% |
(−3.05) | (−0.95) | (0.54) | (−0.09) | (3.37) | ||
1 to 75 | −6.52% | −2.39% | −1.27% | −0.60% | 2.98% | 9.50% |
(−2.9) | (−1.17) | (−0.64) | (−0.39) | (1.9) | ||
1 to 100 | −11.73% | −6.30% | −4.60% | −3.64% | 2.15% | 13.88% |
(−4.57) | (−2.6) | (−2.13) | (−1.98) | (1.29) | ||
1 to 150 | −22.16% | −16.48% | −10.06% | −9.30% | 0.01% | 22.16% |
(−6.93) | (−6) | (−4) | (−3.76) | (0) | ||
1 to 200 | −32.60% | −22.40% | −12% | −11.11% | −1.28% | 31.31% |
(−8.59) | (−6.71) | (−3.91) | (−4.07) | (−0.61) | ||
1 to 250 | −36.99% | −29.50% | −12.70% | −15.26% | −2.85% | 34.14% |
(−8.75) | (−7.72) | (−3.84) | (−4.79) | (−1.18) | ||
1 to 300 | −45.70% | −32.69% | −17.45% | −19.18% | −7.29% | 38.41% |
(−9.57) | (−7.74) | (−4.93) | (−5.35) | (−2.76) | ||
1 to 550 | −79.75% | −49.32% | −25.45% | −27.30% | −15.44% | 64.31% |
(−11.6) | (−7.05) | (−4.82) | (−5.11) | (−3.74) | ||
1 to 750 | −103.98% | −53.18% | −31.69% | −27.32% | −10.28% | 93.70% |
Entire Sample | Healthcare | Technology | |||||||
Days Relative to Event | Entire | Small | Big | Entire | Small | Big | Entire | Small | Big |
1 to 10 | 0.42% | −0.16% | 1.58% | 0.12% | 0.17% | −1.15% | 0.20% | 0.92% | −2.59% |
(0.96) | (−0.32) | (1.86) | (0.15) | (0.21) | (−0.45) | (0.22) | (0.94) | (−1.43) | |
1 to 20 | 0.97% | 0.41% | 2.09% | 1.30% | 1.46% | −2.52% | 1.54% | 2.41% | −1.80% |
(1.84) | (0.64) | (2.27) | (1.22) | (1.34) | (−0.65) | (1.31) | (1.76) | (−0.83) | |
1 to 50 | −0.38% | −1.46% | 1.98% | −1.57% | −1.82% | 4.14% | 2.70% | 4.62% | −4.66% |
(−0.5) | (−1.52) | (1.76) | (−0.98) | (−1.1) | (1.03) | (1.51) | (2.23) | (−1.44) | |
1 to 75 | −1.69% | −2.42% | 0.22% | −3.02% | −3.46% | 7.09% | 4.36% | 6.52% | −3.89% |
(−1.97) | (−2.2) | (0.17) | (−1.66) | (−1.83) | (1.9) | (2.02) | (2.59) | (−1.01) | |
1 to 100 | −5.10% | −6.40% | −1.89% | −7.17% | −7.65% | 3.72% | 0.89% | 2.35% | −4.69% |
(−5.23) | (−5.08) | (−1.36) | (−3.48) | (−3.58) | (0.68) | (0.35) | (0.81) | (−0.98) | |
1 to 150 | −11.95% | −14.55% | −5.74% | −15.56% | −15.82% | −9.71% | −9.92% | −9.25% | −12.48% |
(−10.13) | (−9.62) | (−3.33) | (−6.39) | (−6.31) | (−1) | (−3.19) | (−2.58) | (−2.04) | |
1 to 200 | −16.18% | −19.80% | −7.56% | −21.79% | −22.28% | −10.51% | −11.42% | −11.76% | −10.15% |
(−11.58) | (−10.93) | (−3.89) | (−7.45) | (−7.4) | (−0.96) | (−3.27) | (−2.83) | (−1.76) | |
1 to 250 | −19.65% | −23.59% | −10.70% | −25.73% | −26.55% | −7.12% | −14.16% | −13.63% | −16.10% |
(−12.55) | (−11.69) | (−4.71) | (−7.98) | (−8.01) | (−0.55) | (−3.57) | (−2.95) | (−2.17) | |
1 to 300 | −24.59% | −29.22% | −14.22% | −30.76% | −31.80% | −6.54% | −18.80% | −19.50% | −16.16% |
(−14.19) | (−13.04) | (−5.8) | (−8.6) | (−8.64) | (−0.51) | (−4.23) | (−3.76) | (−1.99) | |
1 to 550 | −40.21% | −48.21% | −22.84% | −54.59% | −56.95% | −5.02% | −27.40% | −28.43% | −23.07% |
(−15.17) | (−14.13) | (−5.9) | (−9.38) | (−9.48) | (−0.28) | (−4.09) | (−3.75) | (−1.64) | |
1 to 750 | −46.94% | −59.13% | −19.68% | −76.81% | −80.59% | −10.98% | −20.63% | −20.43% | −21.50% |
(−14.48) | (−13.97) | (−4.72) | (−10.39) | (−10.6) | (−0.4) | (−2.68) | (−2.4) | (−1.19) | |
Financial Services | Consumer Cyclical | Energy | |||||||
Days Relative to Event | Entire Sector | Small | Big | Entire Sector | Small | Big | Entire Sector | Small | Big |
1 to 10 | 0.80% | −3.12% | 2.69% | 1.47% | 0.45% | 2.77% | 0.79% | 1.24% | 0.38% |
(0.46) | (−1.34) | (1.16) | (1.12) | (0.22) | (2.01) | (1.28) | (1.32) | (0.47) | |
1 to 20 | 0.78% | −3.72% | 2.95% | 1.49% | −0.09% | 3.48% | 2.07% | 2.04% | 2.11% |
(0.43) | (−1.64) | (1.2) | (1.06) | (−0.04) | (2.31) | (2.64) | (1.74) | (1.99) | |
1 to 50 | −2.08% | −10.87% | 2.16% | 0.24% | −3.22% | 4.62% | 0.93% | 2.10% | −0.12% |
(−0.9) | (−2.63) | (0.79) | (0.12) | (−0.95) | (2.54) | (0.65) | (1.1) | (−0.06) | |
1 to 75 | −3.60% | −11.53% | 0.22% | −4.10% | −9.54% | 2.79% | 0.22% | 2.66% | −1.96% |
(−1.38) | (−2.28) | (0.08) | (−1.83) | (−2.75) | (1.24) | (0.12) | (1.03) | (−0.73) | |
1 to 100 | −3.18% | −8.98% | −0.43% | −8.90% | −16.71% | 0.97% | −3.08% | 0.72% | −6.46% |
(−1.15) | (−1.66) | (−0.14) | (−3.18) | (−3.96) | (0.32) | (−1.41) | (0.23) | (−2.18) | |
1 to 150 | −4.65% | −10.71% | −1.79% | −15.61% | −25.23% | −3.45% | −6.36% | −0.20% | −11.85% |
(−1.5) | (−1.64) | (−0.54) | (−4.12) | (−4.5) | (−0.78) | (−2.17) | (−0.05) | (−2.77) | |
1 to 200 | −7.55% | −21.11% | −1.13% | −17.01% | −26.27% | −5.43% | −9.48% | −1.97% | −16.18% |
(−1.98) | (−2.36) | (−0.32) | (−3.89) | (−4.12) | (−1) | (−2.9) | (−0.46) | (−3.41) | |
1 to 250 | −8.67% | −20.84% | −3.02% | −21.54% | −32.28% | −8.07% | −13.56% | −3.74% | −22.33% |
(−2.13) | (−2.2) | (−0.77) | (−4.59) | (−4.84) | (−1.33) | (−3.57) | (−0.79) | (−3.95) | |
1 to 300 | −10.70% | −24.12% | −4.47% | −28.05% | −41.45% | −10.72% | −15.74% | −3.52% | −26.79% |
(−2.35) | (−2.32) | (−1) | (−5.43) | (−5.77) | (−1.59) | (−3.68) | (−0.66) | (−4.27) | |
1 to 550 | −25% | −53.08% | −11.27% | −40.90% | −61.24% | −15.92% | −39.47% | −30.53% | −47.73% |
(−3.75) | (−3.57) | (−1.79) | (−6.1) | (−6.46) | (−1.93) | (−5.14) | (−3.45) | (−3.91) | |
1 to 750 | −15.89% | −37.04% | −5.18% | −45.03% | −70.29% | −12.71% | −50.94% | −52.04% | −49.89% |
(−2.37) | (−2.44) | (−0.84) | (−5.53) | (−6.23) | (−1.28) | (−6.23) | (−4.4) | (−4.41) | |
Industrials | Real Estate | Communication Services | |||||||
Days Relative to Event | Entire Sector | Small | Big | Entire Sector | Small | Big | Entire Sector | Small | Big |
1 to 10 | 0.37% | 0.08% | 0.69% | 0.17% | −1.06% | 2.16% | −4.85% | −7.22% | −0.51% |
(0.28) | (0.03) | (0.56) | (0.28) | (−1.26) | (2.84) | (−2.62) | (−2.89) | (−0.22) | |
1 to 20 | 0.08% | −2.08% | 2.43% | 0.29% | −1.31% | 2.85% | −5.41% | −7.44% | −1.69% |
(0.05) | (−0.7) | (1.65) | (0.46) | (−1.75) | (3.1) | (−2.33) | (−2.52) | (−0.47) | |
1 to 50 | −1.57% | −4.96% | 2.12% | −1.86% | −4.56% | 2.46% | −5.11% | −9.86% | 3.60% |
(−0.72) | (−1.54) | (0.76) | (−1.67) | (−3.48) | (1.4) | (−1.53) | (−2.42) | (0.66) | |
1 to 75 | −4.06% | −5.25% | −2.76% | −4.24% | −7.93% | 1.68% | −6.02% | −9.83% | 0.97% |
(−1.61) | (−1.3) | (−0.96) | (−3.05) | (−4.84) | (0.79) | (−1.66) | (−2.16) | (0.17) | |
1 to 100 | −8.07% | −10.23% | −5.72% | −4.60% | −9.08% | 2.60% | −12.47% | −15.46% | −6.98% |
(−2.54) | (−2.14) | (−1.4) | (−2.72) | (−4.57) | (1.01) | (−3.09) | (−2.93) | (−1.17) | |
1 to 150 | −11.34% | −15.89% | −6.40% | −7.52% | −14.05% | 2.98% | −22.74% | −26.89% | −15.13% |
(−2.6) | (−2.31) | (−1.26) | (−3.26) | (−4.91) | (0.97) | (−4.85) | (−4.4) | (−2.18) | |
1 to 200 | −13.96% | −21.74% | −5.49% | −8.92% | −15.69% | 1.97% | −33.61% | −37.25% | −27.04% |
(−2.91) | (−2.92) | (−0.98) | (−3.45) | (−4.61) | (0.63) | (−5.09) | (−4.25) | (−2.85) | |
1 to 250 | −20.78% | −27.18% | −13.82% | −7.61% | −13.93% | 2.36% | −35.50% | −38.16% | −30.81% |
(−3.37) | (−2.88) | (−1.81) | (−2.86) | (−4.16) | (0.63) | (−4.83) | (−3.95) | (−2.79) | |
1 to 300 | −31.24% | −36.92% | −25.04% | −8.38% | −15.27% | 2.26% | −37.87% | −42.81% | −29.62% |
(−4.21) | (−3.39) | (−2.53) | (−2.88) | (−4.21) | (0.54) | (−5.05) | (−4.13) | (−3) | |
1 to 550 | −41.26% | −46.06% | −36.35% | −7.40% | −11.24% | −1.14% | −36.38% | −42.08% | −26.58% |
(−3.6) | (−2.98) | (−2.15) | (−1.89) | (−2.12) | (−0.21) | (−3.32) | (−2.7) | (−2.09) | |
1 to 750 | −44.87% | −79.13% | −3.76% | −5.66% | −8.93% | 0.49% | −63.71% | −65.17% | −61.16% |
(−3.48) | (−3.91) | (−0.36) | (−1.13) | (−1.44) | (0.06) | (−3.86) | (−2.88) | (−2.74) | |
Consumer Defensive | Materials | Utilities | |||||||
Days Relative to Event | Entire Sector | Small | Big | Entire Sector | Small | Big | Entire Sector | Small | Big |
1 to 10 | 0.96% | 0.06% | 3.39% | 6.29% | 0.15% | 10.13% | 6.18% | 9.88% | 0.47% |
(0.34) | (0.02) | (2.08) | (0.96) | (0.05) | (0.97) | (1.87) | (1.53) | (1.53) | |
1 to 20 | −1.11% | −1.86% | 0.92% | 5.35% | −2.12% | 10.02% | 5.59% | 7.59% | 7.59% |
(−0.39) | (−0.48) | (0.53) | (0.78) | (−0.4) | (0.95) | (0.93) | (0.61) | (0.61) | |
1 to 50 | 0.50% | −1.52% | 5.95% | 4.42% | −0.92% | 7.76% | 10.47% | 22.14% | 22.14% |
(0.13) | (−0.31) | (2.04) | (0.58) | (−0.11) | (0.69) | (1.69) | (2.23) | (2.23) | |
1 to 75 | −1.90% | −3.30% | 1.89% | 2.75% | −1.72% | 5.54% | 6.09% | 17.66% | 17.66% |
(−0.48) | (−0.63) | (0.55) | (0.33) | (−0.16) | (0.47) | (0.89) | (1.43) | (1.43) | |
1 to 100 | −3.58% | −6.11% | 3.25% | −2.29% | −12.54% | 4.12% | −0.65% | 7.82% | 7.82% |
(−0.78) | (−1) | (0.84) | (−0.26) | (−0.91) | (0.37) | (−0.09) | (0.63) | (0.63) | |
1 to 150 | −12.96% | −19.20% | 3.91% | −5.66% | −14.11% | −0.38% | −3.17% | −4.06% | −4.06% |
(−2.48) | (−2.82) | (1.01 | (−0.6) | (−1.04) | (−0.03) | (−0.45) | (−0.37) | (−0.37) | |
1 to 200 | −21.48% | −25.54% | −10.49% | −11.86% | −30.68% | −0.10% | −8.75% | −10.97% | −10.97% |
(−3.74) | (−3.65) | (−1.13) | (−1.01) | (−1.53) | (−0.01) | (−1.24) | (−0.97) | (−0.97) | |
1 to 250 | −27.25% | −35.91% | −3.84% | −20.85% | −51.26% | −1.84% | −7.39% | −5.76% | −5.76% |
(−4.19) | (−4.43) | (−0.51) | (−1.46) | (−2.01) | (−0.12) | (−1.04) | (−0.47) | (−0.47) | |
1 to 300 | −33.28% | −42.91% | −8.92% | −38.77% | −76.44% | −14.20% | −27.64% | −17.86% | −17.86% |
(−4.27) | (−4.5) | (−0.8) | (−2.83) | (−2.9) | (−1.15) | (−3.04) | (−1.16) | (−1.16) | |
1 to 550 | −52.76% | −71.85% | −6.92% | −71.84% | −138.69% | −26.26% | −56.22% | −40.90% | −40.90% |
(−4.32) | (−5.16) | (−0.34) | (−3.85) | (−4.12) | (−1.75) | (−2.96) | (−1.46) | (−1.46) | |
1 to 750 | −35.32% | −54.43% | 1.42% | −68.94% | −128.40% | −26% | −45.63% | −42.30% | −42.30% |
(−2.09) | (−2.35) | (0.08) | (−3.6) | (−3.77) | (−1.69) | (−2.17) | (−1.18) | (−1.18) |
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Siev, S.; Qadan, M. Call Me When You Grow Up: Firms’ Age, Size, and IPO Performance across Sectors. J. Risk Financial Manag. 2022, 15, 586. https://doi.org/10.3390/jrfm15120586
Siev S, Qadan M. Call Me When You Grow Up: Firms’ Age, Size, and IPO Performance across Sectors. Journal of Risk and Financial Management. 2022; 15(12):586. https://doi.org/10.3390/jrfm15120586
Chicago/Turabian StyleSiev, Smadar, and Mahmoud Qadan. 2022. "Call Me When You Grow Up: Firms’ Age, Size, and IPO Performance across Sectors" Journal of Risk and Financial Management 15, no. 12: 586. https://doi.org/10.3390/jrfm15120586
APA StyleSiev, S., & Qadan, M. (2022). Call Me When You Grow Up: Firms’ Age, Size, and IPO Performance across Sectors. Journal of Risk and Financial Management, 15(12), 586. https://doi.org/10.3390/jrfm15120586