Handbook of Corporate Finance Empirical Corporate Finance Volume 1

382 A. Ljungqvist

Fig. 1. Initial IPO returns in the United States, 1960 to 2003. The figure reports quarterly equal-weighted average initial IPO returns in % for 14,906 I

POs

completed in the United States between 1960 and 2003, calculated as the first-day closing price over the IPO offer price less one. Source: Jay Ritter. Da

ta used

by permission.