Las ofertas públicas de venta (OPVs) de acciones en el mercado bursátil españolprivatizaciones frente a no privatizaciones

Abstract

This paper examines the effects of public offerings of equity on the Spanish stock market. We provide an analysis of initial and subsequent public offerings of state-owned companies compared to private companies for the period 1992 to 1997. The re- suits show, in the first trading day: first, that public offerings are underpriced, particularly for initial public offerings; and second, that trading volume is extraordinary for the companies involved in a public offering. In particular, subsequent public offerings show a significant increase in trading volume, that is greater for privately-owned companies. Furthermore, the companies involved in a public offering represent an important percentage of trading in the stock market, specially in subsequent public offerings of state-owned companies. Finally, we point out the participation of small and international investors in public offerings