We investigate whether and how the primary market values the innovations of newly public firms at their IPOs by examining the link between the size (the number of patents) and the quality (citation count) of their patent portfolios and IPO valuations. We find that the number of patents, the...

This paper examines the initial public offering (IPO) valuations of issuers that return to the IPO market successfully after withdrawing their first IPO attempt. We find that these second-time IPOs sell at a significant discount relative to similar contemporaneous IPOs that succeed in their...

Net new equity issues, defined as the amount of new equity issued less the amount of seasoned equity retired, is significantly negatively related to the level of future IPO initial returns, both on average and at the firm level. The extreme fluctuations in net new equity issues play an important...