tended to analyze new issues as a class rather than explicitly basing their analyses on
style portfolios.
In the initial aftermarket of IPOs, the investment styles that could be used on the
basis of available information would include small-cap, large-cap, value and growth
stocks, as well as various combinations of these style categories. We analyze the
returns associated with these aftermarket IPO investment styles. Additionally, we
view the quality of the underwriter as a style category in the creation of aftermarket
portfolios. This is justifiable on the grounds that the information available for the cre-
ation of an underwriter style portfolio is ...
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