Hoechle, Daniel; Schmid, Markus - Wirtschaftswissenschaftliches Zentrum <Basel> - 2008
Based on a sample of 7,378 firms going public in the 1975-2005 period, we document a significant underperformance of IPO firms over the first year after going public, while there is virtually no underperformance thereafter. Moreover, by decomposing the Carhart-alpha we find that IPO...
