Polish Version
Dominik Aziewicz, Krzysztof Dobrowolski
Summary
The efficient markets theory suggests that it is not possible to consistently achieve abnormal return on the capital market. In practice, however, there are a variety of market anomalies which undermine this claim. These include among others: IPOs underpricing phenomenon and IPOs medium and long-run underperformance phenomenon. In the first part of the article the most important theories and models explaining the cause of these anomalies from different research perspectives are discussed. The second part presents the methodology of the research.The next two parts of the article contain the results of studies on the occurrence of these anomalies on the Warsaw Stock Exchange. The following results were obtained:
the occurrence of the phenomenon of systematic IPOs underpricing;
no occurrence of the phenomenon of IPOs medium-run underperformance;
no occurrence of IPOs medium-run underperformance of the IPOs underpricing and the
IPOs medium-run overperformance of the IPOs overpricing;
the occurrence of the phenomenon of IPOs long-run underperformance;
the occurrence of IPOs long-run underperformance of the IPOs underpricing and no
occurrence of IPOs long-run overperformance of the IPOs overpricing.
Article
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