The global financial crisis of 2008-2009 precipitated one of the longest IPO “droughts” in history; from September 2008 until May 2009 only eight new issues came to market in the United States. While the phenomenon of hot- and cold-IPO market cycles has been widely documented, there has been...

Since the beginning of summer 2008, the subprime mortgage market has become a contributing drag on the financial sector, with the S&P index dropping to its lowest level in more than a decade, and the Dow Jones Industrial Average falling below 10,000 for the first time since October 2004. The...