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1、AmericanFinanceAssociationTheLong-RunPerformanceofInitialPublicOfferingsAuthor(s):JayR.RitterReviewedwork(s):Source:TheJournalofFinance,Vol.46,No.1(Mar.,1991),pp.3-27Publishedby:BlackwellPublishingfortheAmericanFinanceAssociationStableURL:http://www.jstor.org/stable/2328687.Accessed:16/12/201108:51Y
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4、OL.XLVI,NO.1*MARCH1991TheLong-RunPerformanceofInitialPublicOfferingsJAYR.RITTER*ABSTRACTTheunderpricingofinitialpublicofferings(IPOs)thathasbeenwidelydocumentedappearstobeashort-runphenomenon.Issuingfirmsduring1975-84substantiallyunderperformedasampleofmatchingfirmsfromtheclosingpriceonthefirstdayof
5、publictradingtotheirthree-yearanniversaries.Thereissubstantialvariationintheunderperformanceyear-to-yearandacrossindustries,withcompaniesthatwentpublicinhigh-volumeyearsfaringtheworst.ThepatternsareconsistentwithanIPOmarketinwhich(1)investorsareperiodicallyoveroptimisticabouttheearn-ingspotentialofy
6、ounggrowthcompanies,and(2)firmstakeadvantageofthese"windowsofopportunity."NUMEROUSSTUDIESHAVEDOCUMENTEDtwoanomaliesinthepricingofinitialpublicofferings(IPOs)ofcommonstock:(1)the(short-run)underpricingphenomenon,and(2)the"hotissue"marketphenomenon.Measuredfromtheofferingpricetothemarketpriceattheendo
7、fthefirstdayoftrading,IPOsproduceanaverageinitialreturnthathasbeenestimatedat16.4%.1Furthermore,theextentofthisunderpricingishighlycyclical,withsomeperiods,lastingmanymonthsatatime,inwhichtheaveragein
