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Ritter, Jay R. Loughran, Timothy James 2014-12-17T23:38:46Z 2014-12-17T23:38:46Z 10000-01-01 1993 1993 This dissertation documents the poor long-run performance of new equity issues during 1970-90. The poor long-run performance of initial public offerings (IPOs) result in lower returns on NASDAQ than on the New York Stock Exchange. New equity issues appear to time their offerings to lower their equity cost of capital. I find that with an average timing ability, firms lower their cost of equity capital by 700 basis points for IPOs and 400 basis points for seasoned equity offerings. I also document that low-priced stocks are not solely responsible for the success of the contrarian strategy and that pooled cross-section time-series regressions should not be used in studies using stock returns as the dependent variable when one is attempting to discern cross-sectional patterns. Made available in DSpace on 2014-12-17T23:38:46Z (GMT). No. of bitstreams: 1 9411694.pdf: 4113774 bytes, checksum: 3e6d2195ebf83e37dc06b442828a0129 (MD5) Previous issue date: 1993 Embargo set by: Seth Robbins for item 72755 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs U of I Only 93 p. Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993. http://hdl.handle.net/2142/72587 (UMI)AAI9411694 Economics, Finance Three Essays on the Long-Run Performance of New Issues and Extreme Performers text Finance Finance University of Illinois at Urbana-Champaign Dissertation Ph.D.