NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Variability of IPO Initial Returns

Michelle Lowry, Micah S. Officer, G. William Schwert

NBER Working Paper No. 12295
Issued in June 2006

---- Acknowledgements -----

We are indebted to Jay Ritter for the use of his data. We received valuable comments from Campbell Harvey (the editor), Harry DeAngelo, Craig Dunbar, Robert Engle, Laura Field, Ravi Jagannathan, Jay Ritter, Ann Sherman, Ivo Welch, Donghang Zhang, Jerry Zimmerman, and two anonymous referees. We also received valuable comments from the participants in seminars at Boston College, Indiana University, New York University, Penn State University, the University of Arizona, the University of Rochester, the University of Southern California, the University of Toronto, and the University of Western Ontario, and from participants at the Duke-UNC Corporate Finance Conference and at the Harvard Business School Entrepreneurship, Venture Capital and Initial Public Offerings Conference. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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