@article {Galbraith31, author = {Craig S. Galbraith and Alex F. De Noble and Curt H. Stiles and Gregory B. Merrill}, title = {Offering Prospectuses,Competitive Strategies, and the Pricing of Initial Public Offerings}, volume = {6}, number = {4}, pages = {31--37}, year = {2003}, doi = {10.3905/jpe.2003.320054}, publisher = {Institutional Investor Journals Umbrella}, abstract = {We explore the relationship between the strategic information in an IPO prospectus and the firm{\textquoteright}s post-IPO pricing. Based upon a content analysis of 39 business to consumer (B2C) and 25 business to business (B2B) {\textquotedblleft}dot.com{\textquotedblright} 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{\textquoteright}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{\textquoteright}s underwriter had little correlation with a firm{\textquoteright}s post-IPO pricing success.}, issn = {1096-5572}, URL = {https://jpe.pm-research.com/content/6/4/31}, eprint = {https://jpe.pm-research.com/content/6/4/31.full.pdf}, journal = {The Journal of Private Equity (Retired)} }