TY - JOUR T1 - Offering Prospectuses,Competitive Strategies, and the Pricing of Initial Public Offerings JF - The Journal of Private Equity SP - 31 LP - 37 DO - 10.3905/jpe.2003.320054 VL - 6 IS - 4 AU - Craig S. Galbraith AU - Alex F. De Noble AU - Curt H. Stiles AU - Gregory B. Merrill Y1 - 2003/08/31 UR - https://pm-research.com/content/6/4/31.abstract N2 - We explore the relationship between the strategic information in an IPO prospectus and the firm's post-IPO pricing. Based upon a content analysis of 39 business to consumer (B2C) and 25 business to business (B2B) “dot.com” initial public offerings, several conclusions were reached. First, e-commerce firms showed dramatic short‐term underpricing and long-term underperformance. Second, we found strong support that the strategic information contained in the firm's prospectus affects post-IPO pricing, and is incorporated in both the initial day and long-term market-adjusted stock prices. And third, we found that the reputation of the firm's underwriter had little correlation with a firm's post-IPO pricing success. ER -