   79

3.10.3      

  ,     ,  -
    (initial public offerings,  ipo's),  , -
.      
-   ,     
 (unseasoned offering).      -
    . 3.4.    
,     ,    - -
          -
 .       -
  ,   ,     -
        .   
     11,4%.   -
       ,  
           
       .   
   ,    .

. 3.4.     
  112     

: Roger G. Ibbotson, Price Performance of Common Stock New Issues, Journal of Financial
Economics, 2, no. 3 (September 1975), p. 252.

  ,    
          
  14,1%21.     ,     -
        
,           -
 -37,4%.        . -
 -          -