Early internet IPOs versus subsequent entrants |
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Authors: | Beverly B Marshall Claire E Crutchley Diane Lending |
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Institution: | (1) Barclays Capital Ltd, London, UK;(2) Economics & Finance, Brunel University, Uxbridge, Middlesex, UB8 3PH, UK;; |
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Abstract: | This paper examines whether investors in early Internet IPOs earned superior returns to those who invested in later entrants.
We document three differences between early public firms in a new Internet technology and their followers: underpricing, operating
characteristics at the IPO, and stock price performance after the IPO. We find that there is value in going public relatively
early in a new Internet technology. Specifically, long-term returns are significantly higher for the early entrants. We also
find evidence, consistent with previous studies that examine hot IPO markets, that the early public firms have better operating
characteristics at the IPO than later entrants. |
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Keywords: | |
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