for hot-market issues and positive for cold-market issues. This indicates that cold-
market issues on average show higher profitability after issuance than hot-market issues.
1.4Nasdaq IPO returns
In this section, we study the return characteristics of our sample of Nasdaq IPOs dur-
ing the 2000 to 2002 sample period. Section 1.4.1 is devoted to the initial IPO returns
as reported for the first trading day following initial listing. Section 1.4.2 gives a brief
glimpse into the long-run market-adjusted IPO performance.
1.4.1Initial returns
A summary representation of the initial first-day returns for our sample, as well as for
the hot-market sample ...
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