Brav, A.; Geczy, C.; Gompers, P.A. - Rodney L. White Center for Financial Research, Wharton … - 1999
We investigate the robustness of the long-run underperformance of initial public offering (IPO) and seasoned equity offering (SEO) firms from 1975-1992. The conclusion that issuer underperformance is unique is questioned by our results. We find that underperformance is largely concentrated in...