Helwege, Jean; Liang, Nellie - In: Journal of Financial and Quantitative Analysis 39 (2004) 03, pp. 541-569
The literature offers many explanations for why the IPO market cycles from hot to cold. These include theories in which hot markets represent clusters of IPOs in a new industry, and signaling models that predict that hot markets draw in better quality firms. Others suggest hot market IPOs' stock...