The New Issues Puzzle
1970至1990年间，无论是首次公开募股还是增发，发行股票的公司长期表现不佳，五年平均年回报率仅5%至7%，账面市值比只能解释一小部分低回报。
Companies issuing stock during 1970 1990, whether an initial public offering (IPO) or a seasoned equity offering (SEO), have been poor long run investments for investors. During the five years after the issue, investors have received average returns of only 5% per year for companies going public and only 7% per year for companies conducting an SEO. Book to market effects account for only a modest portion of the low returns. An investor would have had to invest 44% more money in the issuers than in non issuers of the same size to have the same wealth five years after the offering date.