The Stock Market Performance of German Family Firms
Conference paper
Abstract
This paper investigates the long-run performance of initial public offerings of 208 family firms floated in Germany between 1977 and 1998. Five years after the listing the market-adjusted return was on average −43.39% compared to a broad market index. However, in absolute terms, investors realized a positive return of 32.11% after 60 months.
Keywords
Abnormal Return Family Firm Initial Public Offering Supervisory Board Family Ownership
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