作者：Willenborg, Michael; Wu, Biyu; Yang, Yanhua Sunny
作者单位：University of Connecticut; University of Nebraska System; University of Nebraska Lincoln
摘要：We study the relation between issuer operating performance and initial public offering (IPO) price formation from the initial price range to the offer price to the closing price on the first trading day. For a post-bubble sample of 2001-2013 IPOs, we find that pre-IPO net income and, in particular, operating cash flow are strongly, positively associated with the revision from the mid-point of the initial price range to the offer price and that the partial adjustment phenomenon concentrates amo...
