The Long-Run Performance of Initial Public Offerings
JAYR. RITTER（美国佛罗里达大学的教授，也是IPO研究方面的权威。他的研究领域非常集中，主要针对IPO现象和理论的研究，而这也使他成为目前金融学界最知名的教授之一。）
ABSTRACT
The underpricing of initial public offerings (IPOs) that has been widely documented appears to be a short-run phenomenon. Issuing firms during 1975-84 substantially underperformed a sample of matching firms from the closing price on the first day
of public trading to their three-year anniversaries. There is substantial variation in the underperformance year-to-year and across industries, with companies that went public in high-volume years faring the worst. The patterns are consistent with an
IPO market in which (1) investors are periodically overoptimistic about the earnings potential of young growth companies, and (2) firms take advantage of these"windows of opportunity."