Gompers, Paul A.; Lerner, Josh - In: Journal of Finance 58 (2003) 4, pp. 1355-1392
Financial economists have intensely debated the performance of IPOs using data after the formation of Nasdaq. This paper sheds light on this controversy by undertaking a large, out-of-sample study: We examine the performance for five years after listing of 3,661 U.S. IPOs from 1935 to 1972. The...