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Leaving money on the table in venture-backed biotechnology IPOs

How do biotech stocks behave during the first day of trading? How do they perform in the long-run period? What is the link between first-day return and aftermarket performance? This study examines these questions using a large sample of U.S. venture-backed biotechnology IPOs during 1980 through 2015. The analysis of first-day returns (underpricing) of venture-backed biotech…

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