PowerPoint slides of Average First-day Returns
and Volume, by Year, for Hong Kong, Germany, Italy,
Japan, Korea, the UK, the US, China, Singapore,
France, Sweden, Australia, and Canada
Prof. Jay R. Ritter
University of Florida
November 2012
90
40%
80
35%
70
30%
60
25%
50
20%
40
15%
30
10%
20
5%
10
0%
0
-5%
Average First-day Returns
Number of IPOs
Number of Offerings and Average First-day Returns on Hong Kong IPOs, 1980-Oct. 2011
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
Number of IPOs
180
180%
160
160%
140
140%
120
120%
100
100%
80
80%
60
60%
40
40%
20
20%
0
0%
Average First-Day Returns
Number of Offerings and Average Initial Returns on Korean IPOs, 1980-Oct. 2011
Number of Offerings and Average First-Day Returns on German IPOs, 1980-2011
Number of Offerings and Average First-day Returns on Japanese IPOs, 1980-2011
Number of Offerings and Average First-day Returns on Italian IPOs, 1980-2011
Source: Silvio Vismara and others; returns for 1980-1984 are missing
Average First-day Returns
Number f IPOs
Number of Offerings and Average First-day Returns on UK IPOs, 1980-Oct. 2011
Number of Offerings and Average First-day Returns on US IPOs, 1980-2011
350
700%
300
600%
250
500%
200
400%
150
300%
100
200%
50
100%
0
0%
Average First-day Returns
Number of IPOs
Number of Offerings and Average First-day Returns on Chinese IPOs, 1990-2010
Number of Offerings and Average First-day Returns on French IPOs, 1983-2011
Number of Offerings and Average First-day Returns on Singaporean IPOs, 1980-2011
Number of Offerings and Average First-day Returns on Swedish IPOs, 1983-2011
Number of Offerings (bars) and First-day Returns on Australian IPOs, 1990-2011
70
35%
60
30%
50
25%
40
20%
30
15%
20
10%
10
5%
0
0%
-10
-5%
Average First-day Returns, %
Number of IPOs
Number of Offerings and Average First-day Returns on Canadian IPOs
(excluding TSX Venture Exchange), 1980-2010
Data for Japan comes from Fukuda; Dawson & Hiraki; Hebner & Hiraki; Pettway & Kaneko; Hamao, Packer &
Ritter; and http://www.fbc.keio.ac.jp/~kaneko/KP-JIPO/top.htm
Data for Korea comes from Dhatt, Kim & Lim; Choi & Heo; Ng; Cho; and Sung Wook Joh
Data for Italy provided by Arosio, Giudici & Paleari; Cassia, Paleiri, & Redondi; and Silvio Vismara
Data for the UK provided by Elroy Dimson; Mario Levis; and Silvio Vismara. See the Chambers-Dimson article in
the 2009 Journal of Finance for an even longer time-series of British IPO numbers.
Data for Germany comes from Ljungqvist; Rocholl; Dealogic; and Vismara
Data for the US comes from Dealogic and Thomson Financial’s new issues databases
Data for Australia comes from Li-Anne Woo, Peter Pham, Dealogic, and other sources, and includes penny
stocks
Data for Canada comes from Kryzanowski, Lazrak, and Rakita; Dealogic, and other sources
Data for China comes from Chunxin Jia and Donghang Zhang
Data for Hong Kong comes from Dawson; Fung, Gul, and Radhakrishnana; and Dealogic
In general, the number of IPOs excludes closed-end funds, unit trusts, and REITs. Penny stocks are excluded for
the U.S., as are ADRs. The counts normally include companies going public in that country, rather than
companies from that country going public (this matters if a German company goes public in London).