Post-Initial Public Offering Performance Drift: Evidence from Bangladesh
MD. SHAFIQUL ISLAM and SHIHABUL ANWAR
Abstract
This paper examines if there is any post-IPO performance drift in the stock market of Bangladesh using five different performance indicators. We use 300 firm-year observations of 50 IPO firms from the period of 2009 to 2014, compiled from the annual reports and prospectuses of these firms. The results show that there is a statistically significant decline in performance measured by operating ROA after going public. The results may indicate the 'window dressing' of the accounting numbers in the pre-IPO period.
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