weighted market capitalization

But when using value-weighted CAR as in this paper, the long-run excess return of Chinese IPOs diminishes and even under-performs to index.

而本文采用更能反映IPO市场构成的流通市值加权法计算新股上市后三年的累计调整收益率 ,发现就整体来看 ,新股存在着长期业绩不佳的特征 ;进一步的研究揭示了结果差异的原因所在。