This paper addresses the question of the importance of analyst coverage for the long-run returns of IPO firms over the … performance by orphans (IPOs without analyst coverage) compared to non-orphans (IPOs with analyst coverage.Further analysis … reveals that this outperformance by non-orphans stems from high analyst coverage. Our results are robust after accounting for …

from three to five-year horizon (statistically significant). The evidence suggests that analyst coverage is indeed … backed or non VC backed IPOs and whatever the ownership structure of the IPOs. We establish that analyst coverage is …

they provide overly optimistic analyst coverage prior to the transactions. …