Consistent with the outcomes from several studies related to long-run stock performance of IPOs, we find that the IPO firms underperform over a three-year holding period.

• 摘要如同过去有关研究IPO股价长期绩效的相关论文，在初次上市、上柜的公司当中，本研究发现初次上市、上柜公司三年期之股价长期报酬表现不佳。