Carter, Richard B.; Dark, Frederick H.; Sapp, Travis R.A. - In: The Quarterly Review of Economics and Finance 50 (2010) 4, pp. 443-455
We examine the long-term performance and characteristics of firms that went public from 1981 to 2005. We find that long-run returns declined and the proportion of failed and failing firms increased with underwriter reputation. The IPOs marketed by the more reputable underwriters were more likely...
