Yan, Daying; Cai, Jun - In: Asia-Pacific Financial Markets 10 (2003) 2, pp. 239-274
This paper implements a comprehensive study on the long run post-issue operating performance of more than 700 initially public offerings (IPOs) in the Japanese over-the-counter market (JASDAQ) from 1991 to 2001. Empirical results document dramatic and continuing operating underperformance that...