Purpose – The purpose of this paper is to investigate returns of initial public offerings (IPOs) in an emerging market and differences in the returns of privatized and non‐privatized offerings. Design/methodology/approach – Market‐adjusted return is computed as daily cumulative excess...

Purpose -The purpose of this paper is to investigate returns of initial public offerings (IPOs) in an emerging market and differences in the returns of privatized and non-privatized offerings. Design/methodology/approach -Market-adjusted return is computed as daily cumulative excess returns for...