The New Issues Puzzle
1970至1990年间发行股票的公司，无论是IPO还是增发，长期投资回报都很差，五年平均年回报仅5%和7%，且账面市值比只能解释一小部分低回报。
ABSTRACT Companies issuing stock during 1970 to 1990, whether an initial public offering or a seasoned equity offering, have been poor long‐run investments for investors. During the five years after the issue, investors have received average returns of only 5 percent per year for companies going public and only 7 percent per year for companies conducting a seasoned equity offer. Book‐to‐market effects account for only a modest portion of the low returns. An investor would have had to invest 44 percent more money in the issuers than in nonissuers of the same size to have the same wealth five years after the offering date.