Bhabra, Harjeet S.; Pettway, Richard H. - In: The Financial Review 38 (2003) 3, pp. 369-397
Initial public offerings underperform in the long run; however, there is very little evidence on their cross-sectional variation. Using a random sample of IPOs from 1987 through 1991 and gathering their prospectus data, we show that financial and operating characteristics as well as offering...