European IPO Markets: The Post-Issue Performance Imperative
指出欧洲二级市场未能为新兴成长公司提供资本，传统解释聚焦供给端，而本文强调欧洲IPO长期回报表现不佳可能影响投资者需求，并讨论了需求侧因素及衡量方法问题。
European secondary markets appear to have so far failed as providers of capital for emerging growth companies. Conventional explanations focus on the supply side of the market, blaming over-regulation, complex listing requirements, the absence of an equity culture, weak competition between national markets, and a shortage of growth companies. This paper highlights significant underperformance in long-term IPO returns in European markets, possibly affecting demand by Investors. Alternative demand-side factors, such as constraints on Institutional investments in small cap stocks and the consequent lack of supporting analysts, and methodological Issues in measuring long-term performance, are also discussed.