Information Risk and Long-Run Performance of Initial Public Offerings

Exactly forty years after Eugene Fama’s (1965) article “The Behavior of Stock Market Prices” (Journal of Business), the play ”E?cient Capital Markets” is still going strong. With his thesis, Frank Ecker is adding a new act to the play: His work is a combination of several new developments on the analytical and empirical capital market research front. Capital market e?ciency is based on two aspects...