Michel, Allen; Oded, Jacob; Shaked, Israel - In: Journal of Banking & Finance 40 (2014) C, pp. 54-61
We investigate whether the post-IPO market performance of IPO stocks is related to the percentage of shares issued to the public, namely, the public float. We demonstrate that a non-linear relation exists between the public float and post-IPO returns. Specifically, as public float increases,...