The Long-Run Performance of Initial Publ
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Ritter J.R.
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Library
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1991
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English
β 1 MB
The underpricing of initial public offerings (IPOs) that has been widely documented appears to be a short-run phenomenon. Issuing firms during 1975-84 substantially underperformed a sample of matching firms from the closing price on the first day of public trading to their three-year anniversaries.