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Stats › Beursnoteringen, IPO's en corporate actions › IPO lockup expiry

IPO lockup expiry costs about 1.5% and the volume increase never goes away

Days -1 to 0: -1.15%-1.15%Days -1 to 0Days -4 to 0: -2.03%-2.03%Days -4 to 0Days +1 to +3: 0.23%+0.23%Days +1 to +3

Market-adjusted cumulative abnormal returns around IPO lockup expiry, 1,053 IPOs from 1996 to 1998. Medians minus 0.80% and minus 1.76%, with 42% and 38% of events positive. The third bar is the point: there is no rebound. The plotted path over days minus twenty to plus twenty shows a drop of about 2.5% with no meaningful reversal.

On the day insiders are first allowed to sell, the stock drops about 1.5% over three days and does not recover afterwards. Trading volume rises 40% permanently. The newest verifiable sample covers IPOs from 1998.

-1.5%Three-day abnormal return around lockup expiry, across 1,948 agreements
40%Permanent increase in average trading volume
-2.03%Market-adjusted return over days minus four to zero, on a separate sample
-3.29%The same window for high-volatility IPOs

Alleen voor leden

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Below this point there are 5 sections, 1 table and 2 named sources, roughly 500 words of it. Every figure carries the source it came from and the date the data is from.

Je kunt elke statistiek in de bibliotheek gratis blijven bekijken. De intro en de samenvatting zijn altijd open.