We investigate the level of underpricing and the long-term stock market performance of financial exchange initial … stock exchange IPO underpricing is positively related to the firm's long-run stock returns. We argue, among others, that the … cost of leaving too much money on the table. Interestingly, both underpricing and long-run returns of stock exchange IPOs …

-earnings ratio. However, the average IPO underpricing level remains high, at 55%, suggesting that agency problems between … underwriters and issuers can lead to excessive underpricing even when there is little valuation uncertainty. Also, regulations …

-building. We focus on the IPO initial underpricing, long-run performance and after market liquidity problems. 1. We propose that …-determinant for the successful IPO deal completion. We propose the Ledenyov theory on the origins of the IPO underpricing and long … term underperformance effects, which states that the IPO underpricing and long term underperformance can be explained by …