{"id":"https://openalex.org/W3123843583","doi":"https://doi.org/10.1111/j.1540-6261.2009.01540.x","title":"The Variability of IPO Initial Returns","display_name":"The Variability of IPO Initial Returns","publication_year":2010,"publication_date":"2010-03-19","ids":{"openalex":"https://openalex.org/W3123843583","doi":"https://doi.org/10.1111/j.1540-6261.2009.01540.x","mag":"3123843583"},"language":"en","primary_location":{"id":"doi:10.1111/j.1540-6261.2009.01540.x","doi":"https://doi.org/10.1111/j.1540-6261.2009.01540.x","is_oa":true,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.2009.01540.x","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.2009.01540.x","source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.2009.01540.x","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5082238758","display_name":"Michelle B. Lowry","orcid":"https://orcid.org/0000-0003-0703-8952","observed_orcids":["https://orcid.org/0000-0003-0703-8952"]},"institutions":[{"id":"https://openalex.org/I130769515","display_name":"Pennsylvania State University","ror":"https://ror.org/04p491231","country_code":"US","type":"education","lineage":["https://openalex.org/I130769515"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"MICHELLE LOWRY","raw_affiliation_strings":["1050 Massachusetts Avenue Cambridge , MA 02138","Pennsylvania State University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"1050 Massachusetts Avenue Cambridge , MA 02138","institution_ids":[]},{"raw_affiliation_string":"Pennsylvania State University","institution_ids":["https://openalex.org/I130769515"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5031906112","display_name":"Micah S. Officer","orcid":"https://orcid.org/0009-0007-6861-5430","observed_orcids":["https://orcid.org/0009-0007-6861-5430"]},"institutions":[{"id":"https://openalex.org/I1174212","display_name":"University of Southern California","ror":"https://ror.org/03taz7m60","country_code":"US","type":"education","lineage":["https://openalex.org/I1174212"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"MICAH S. OFFICER","raw_affiliation_strings":["Marshall School of Business University of Southern California Los Angeles , CA 90089-1427","University  of Southern California"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Marshall School of Business University of Southern California Los Angeles , CA 90089-1427","institution_ids":["https://openalex.org/I1174212"]},{"raw_affiliation_string":"University  of Southern California","institution_ids":["https://openalex.org/I1174212"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5077780708","display_name":"G. William Schwert","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I5388228","display_name":"University of Rochester","ror":"https://ror.org/022kthw22","country_code":"US","type":"education","lineage":["https://openalex.org/I5388228"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"G. WILLIAM SCHWERT","raw_affiliation_strings":["Graduate School of Business Admin University of Rochester Rochester , NY 14627","University of Rochester"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Graduate School of Business Admin University of Rochester Rochester , NY 14627","institution_ids":["https://openalex.org/I5388228"]},{"raw_affiliation_string":"University of Rochester","institution_ids":["https://openalex.org/I5388228"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5077780708"],"corresponding_institution_ids":["https://openalex.org/I5388228"],"apc_list":{"value":4430,"currency":"USD","value_usd":4430},"apc_paid":null,"fwci":35.0903,"has_fulltext":true,"cited_by_count":410,"citation_normalized_percentile":{"value":0.99662308,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":99,"max":100},"biblio":{"volume":"65","issue":"2","first_page":"425","last_page":"465"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.826200008392334,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.826200008392334,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.1354999989271164,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.00559999980032444,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.8610000014305115},{"id":"https://openalex.org/keywords/ipo-initial-returns","display_name":"IPO initial returns","score":0.9039999842643738},{"id":"https://openalex.org/keywords/return-volatility","display_name":"return volatility","score":0.9259999990463257},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9580000042915344},{"id":"https://openalex.org/keywords/firm-commitment","display_name":"firm commitment","score":0.871999979019165},{"id":"https://openalex.org/keywords/ipo-auctions","display_name":"IPO auctions","score":0.9129999876022339},{"id":"https://openalex.org/keywords/price-discovery","display_name":"price discovery","score":0.8169999718666077},{"id":"https://openalex.org/keywords/ipo-underwriting","display_name":"IPO underwriting","score":0.6230000257492065}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.977310836315155},{"id":"https://openalex.org/C26503482","wikidata":"https://www.wikidata.org/wiki/Q1898080","display_name":"Underwriting","level":2,"score":0.8929662704467773},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.7888868451118469},{"id":"https://openalex.org/C163239763","wikidata":"https://www.wikidata.org/wiki/Q5153637","display_name":"Common value auction","level":2,"score":0.6829075813293457},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.6174957156181335},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5871032476425171},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.5048573613166809},{"id":"https://openalex.org/C39658296","wikidata":"https://www.wikidata.org/wiki/Q7242611","display_name":"Price discovery","level":3,"score":0.4616694748401642},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.4348367154598236},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.433902770280838},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4292466640472412},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3947333097457886},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3476906716823578},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.24859336018562317},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.2441396415233612},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2043037712574005},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.13925480842590332},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.05907076597213745},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.0},{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1111/j.1540-6261.2009.01540.x","doi":"https://doi.org/10.1111/j.1540-6261.2009.01540.x","is_oa":true,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.2009.01540.x","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.2009.01540.x","source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.904683","doi":"https://doi.org/10.2139/ssrn.904683","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.904683","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.627.6738","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.627.6738","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://schwert.ssb.rochester.edu/ipovolatility.pdf","raw_type":"text"},{"id":"pmh:oai:RePEc:bla:jfinan:v:65:y:2010:i:2:p:425-465","doi":null,"is_oa":false,"landing_page_url":"http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6261.2009.01540.x","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1111/j.1540-6261.2009.01540.x","doi":"https://doi.org/10.1111/j.1540-6261.2009.01540.x","is_oa":true,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.2009.01540.x","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.2009.01540.x","source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3123843583.pdf","grobid_xml":"https://content.openalex.org/works/W3123843583.grobid-xml"},"referenced_works_count":69,"referenced_works":["https://openalex.org/W181525176","https://openalex.org/W599354386","https://openalex.org/W1709467062","https://openalex.org/W1966268097","https://openalex.org/W1969632991","https://openalex.org/W1970804135","https://openalex.org/W1979575715","https://openalex.org/W1999814123","https://openalex.org/W2000139946","https://openalex.org/W2004501718","https://openalex.org/W2011897245","https://openalex.org/W2019712056","https://openalex.org/W2024452638","https://openalex.org/W2028783540","https://openalex.org/W2037947108","https://openalex.org/W2039962467","https://openalex.org/W2040774619","https://openalex.org/W2047134779","https://openalex.org/W2053570301","https://openalex.org/W2066309326","https://openalex.org/W2071119396","https://openalex.org/W2071869434","https://openalex.org/W2073488258","https://openalex.org/W2084871470","https://openalex.org/W2085162670","https://openalex.org/W2087865081","https://openalex.org/W2091957067","https://openalex.org/W2093230975","https://openalex.org/W2096381076","https://openalex.org/W2100565828","https://openalex.org/W2101695317","https://openalex.org/W2103591541","https://openalex.org/W2108818539","https://openalex.org/W2132582515","https://openalex.org/W2133050755","https://openalex.org/W2136491889","https://openalex.org/W2147005732","https://openalex.org/W2148198877","https://openalex.org/W2148876341","https://openalex.org/W2150291618","https://openalex.org/W2157403008","https://openalex.org/W2160416208","https://openalex.org/W2170906088","https://openalex.org/W2172164632","https://openalex.org/W2207369296","https://openalex.org/W2263098707","https://openalex.org/W2313953460","https://openalex.org/W2606315156","https://openalex.org/W2788441570","https://openalex.org/W3121275215","https://openalex.org/W3121330844","https://openalex.org/W3121765769","https://openalex.org/W3122284092","https://openalex.org/W3123368870","https://openalex.org/W3123479862","https://openalex.org/W3123676835","https://openalex.org/W3124165162","https://openalex.org/W3124175736","https://openalex.org/W3124228444","https://openalex.org/W3124471411","https://openalex.org/W3125341022","https://openalex.org/W3125349010","https://openalex.org/W3125612295","https://openalex.org/W3125648437","https://openalex.org/W3125831525","https://openalex.org/W3126029451","https://openalex.org/W3144563928","https://openalex.org/W4229539396","https://openalex.org/W4230745052"],"related_works":["https://openalex.org/W7096351313","https://openalex.org/W332730282","https://openalex.org/W4231759784","https://openalex.org/W2291457202","https://openalex.org/W2149306676","https://openalex.org/W4301748514","https://openalex.org/W1486776636","https://openalex.org/W1000634989","https://openalex.org/W1846188728","https://openalex.org/W2016897663"],"abstract_inverted_index":{"ABSTRACT":[0],"The":[1],"monthly":[2],"volatility":[3,27],"of":[4,28,42,65,73],"IPO":[5,20,24,69],"initial":[6,29],"returns":[7,30],"is":[8,15,31,76],"substantial,":[9],"fluctuates":[10],"dramatically":[11],"over":[12,92],"time,":[13],"and":[14,58],"considerably":[16],"larger":[17],"during":[18],"\u201chot\u201d":[19],"markets.":[21],"Consistent":[22],"with":[23],"theory,":[25],"the":[26,63,66,93],"higher":[32,43],"for":[33,86],"firms":[34,87],"that":[35,77,88],"are":[36],"more":[37],"difficult":[38],"to":[39],"value":[40,89],"because":[41],"information":[44],"asymmetry.":[45],"Our":[46],"findings":[47],"highlight":[48],"underwriters\u2019":[49],"difficulty":[50],"in":[51],"valuing":[52],"companies":[53],"characterized":[54],"by":[55,97],"high":[56],"uncertainty,":[57],"raise":[59],"serious":[60],"questions":[61],"about":[62],"efficacy":[64],"traditional":[67],"firm\u2010commitment":[68],"process.":[70],"One":[71],"implication":[72],"our":[74],"results":[75],"alternate":[78],"mechanisms,":[79],"such":[80],"as":[81],"auctions,":[82],"could":[83],"be":[84],"beneficial":[85],"price":[90],"discovery":[91],"auxiliary":[94],"services":[95],"provided":[96],"underwriters.":[98]},"counts_by_year":[{"year":2026,"cited_by_count":18},{"year":2025,"cited_by_count":25},{"year":2024,"cited_by_count":24},{"year":2023,"cited_by_count":22},{"year":2022,"cited_by_count":21},{"year":2021,"cited_by_count":22},{"year":2020,"cited_by_count":21},{"year":2019,"cited_by_count":23},{"year":2018,"cited_by_count":30},{"year":2017,"cited_by_count":33},{"year":2016,"cited_by_count":34},{"year":2015,"cited_by_count":30},{"year":2014,"cited_by_count":28},{"year":2013,"cited_by_count":15},{"year":2012,"cited_by_count":26}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2021-02-01T00:00:00"}