The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
The New Issues Puzzle
Abstract
Companies issuing stock during 1970 to 1990, whether an initial public offering or a seasoned equity offering, have been poor long‐run investments for investors. During the five years after the issue, investors have received average returns of only 5 percent per year for companies going public and only 7 percent per year for companies conducting a seasoned equity offer. Book‐to‐market effects account for only a modest portion of the low returns. An investor would have had to invest 44 percent more money in the issuers than in nonissuers of the same size to have the same wealth five years after the offering date.
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Citations
Cites
Valuation effects of security offerings and the issuance process
Mikkelson, W. H., & Partch, M. M. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90049-8 · Cited by 1,213
Public Regulation of the Securities Markets
Stigler, G. J. (1964) · The Journal of Business · doi:10.1086/294677 · Cited by 679
Cited by
A five-factor asset pricing model
Fama, E. F., & French, K. R. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.10.010 · Cited by 7,852
Investor Sentiment and the Cross‐Section of Stock Returns
BAKER, M., & WURGLER, J. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00885.x · Cited by 6,049
Testing Trade-Off and Pecking Order Predictions About Dividends and Debt
Fama, E. F., & French, K. R. (2002) · Review of Financial Studies · doi:10.1093/rfs/15.1.1 · Cited by 3,392
Capital structure decisions: Which factors are reliably important?
Frank, M. Z., & Goyal, V. K. (2009) · Financial Management · doi:10.1111/j.1755-053x.2009.01026.x · Cited by 2,859
Fama (1998) · doi:10.1016/s0304-405x(98)00026-9 · Cited by 2,576
Metadata
- Authors
- LOUGHRAN, T., & RITTER, J. R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1995-03
- Volume
- 50
- Issue
- 1
- Pages
- 23-51
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2148402268
- Cited by
- 3,480
- References
- 2
- FWCI
- 73.21
- Type
- journal article
- Language
- en
- Open access
- closed
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- The paper
- LOUGHRAN, T., & RITTER, J. R. (1995). The New Issues Puzzle. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1995.tb05166.x
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
