Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings
研究投资者不确定性、意见分歧与IPO表现的关系，发现开盘价差大、首笔交易晚、换手率高预示长期回报差，支持Miller（1977）的观点。
We explore the relation between investor uncertainty, divergence of opinion, and the performance of initial public offerings (IPOs). We examine three opening-day proxies: the percentage opening spread, time of first trade, and flipping ratio. After controlling for issue quality, we find that all three variables provide significant explanatory power of IPO returns. Specifically, we associate a wide opening spread, late opening trade, and a high flipping ratio with poor long-run returns. The results support Miller (1977), who suggests that greater divergence of opinion or uncertainty about an IPO can generate short-run overvaluation and long-run underperformance.