We review the theory and evidence on IPO activity: why firms go public, why they reward first‐
day investors with considerable underpricing, and how IPOs perform in the long run. Our …

The purpose of this monograph is to provide an overview of the IPO literature since 2000.
The fewer numbers of companies going public in recent years has raised many questions …

We analyze a dataset of 2390 completed ICOs, which raised a total of $12 billion in capital,
nearly all since January 2017. We find evidence of significant ICO underpricing, with …

This article investigates stock market responses to different constellations of firm-level
corporate governance mechanisms by focusing on foreign initial public offerings (IPOs) in …

During 1980–2000, an average of 310 companies per year went public in the United States.
Since 2000, the average has been only 99 initial public offerings (IPOs) per year, with the …

We model an IPO company's optimal response to the presence of sentiment
investors.“Regular” investors are allocated stock that they subsequently sell to sentiment …

This paper examines the capital structure implications of market timing. I isolate timing
attempts in a single major financing event, the initial public offering, by identifying market …

Both IPO volume and average initial returns are highly autocorrelated. Further, more
companies tend to go public following periods of high initial returns. However, we find that …

We examine the association of a venture capital (VC) firm's reputation with the post-initial
public offering (IPO) long-run performance of its portfolio firms. We find that VC reputation …

Agency theories predict that older firms make value‐destroying acquisitions to benefit
managers. Neoclassical theories predict instead that such firms make wealth‐increasing …