Published Articles

• “Innovation and Communication: Signaling with Partial Disclosure,” Sudipto Bhattacharya and Jay R. Ritter, Review of Economic Studies, Vol. 50 (April 1983), pp. 331-46.
• “The ‘Hot Issue’ Market of 1980,” The Journal of Business, Vol. 57, No. 2 (April 1984), pp. 215-40.
• “Signaling and the Valuation of Unseasoned New Issues: A Comment,” Journal of Finance, Vol. 39, No. 4 (September 1984), pp. 1231-37.
• “Investment Banking, Reputation, and the Underpricing of Initial Public Offerings,” Randolph Beatty and Jay R. Ritter, Journal of Financial Economics, Vol. 15, No. 1/2 (Jan./Feb.1986), pp. 213-32.
  • Reprinted in The Modern Theory of Corporate Finance, edited by Smith, Clifford W. Jr., New York: McGraw Hill, 1989 (second edition).
• “The Costs of Going Public,” Journal of Financial Economics, Vol. 19, No. 2 (December 1987), pp. 269-81.
• “The Buying and Selling Behavior of Individual Investors at the Turn of the Year,” Journal of Finance, Vol.43, No. 3 (July 1988), pp. 701-17.
  • Abstracted in The CFA Digest, Vol. 19, No. 1 (Winter 1989), pp. 6-7.
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK: Edward Elgar Publishing.
• “Initial Public Offerings,” Roger G. Ibbotson, Jody L. Sindelar, and Jay R. Ritter, Journal of Applied Corporate Finance, Vol. 1, No. 2 (Summer 1988), pp. 37-45.
  • Monthly number of IPOs and the average first-day return.
  • Reprinted in New Developments in Commercial Banking, edited by Donald Chew, Cambridge, MA: Blackwell Publishers, 1991.
  • Reprinted in The New Corporate Finance: Where Theory Meets Practice, edited by Donald Chew, New York: McGraw-Hill, 1992.
• “Portfolio Rebalancing and the Turn-of-the-Year Effect,” Jay R. Ritter and Navin Chopra, Journal of Finance, Vol. 44, No. 1 (March 1989), pp. 149-166.
• “The Long-Run Performance of Initial Public Offerings,”  Journal of Finance, Vol. 46, No. 1 (March 1991), pp. 3-27.
  • Abstracted in The CFA Digest, Vol. 21, No. 3 (Summer 1991).
  • Reprinted in Advances in Behavioral Finance, edited by Richard Thaler, New York: Russell Sage Foundation, 1993.
  • Reprinted in The International Library of Politics and Comparative Government, edited by Elroy Dimson and Massoud Mussavian, UK: Dartmouth Publishing Co.
  • Winner of the Smith Breeden Prize for the best article in the Journal of Finance, 1991.
    • IPOs 2021-5years.pdf
• “Measuring Abnormal Performance: Do Stocks Overreact?” Navin Chopra, Josef Lakonishok, and Jay R. Ritter, Journal of Financial Economics, Vol. 31, No. 2 (April 1992), pp. 235-268.
  • Abstracted in The CFA Digest, Vol. 22, No. 4 (Fall 1992), pp. 33-35.
  • Reprinted in Advances in Behavioral Finance, edited by Richard Thaler, New York: Russell Sage Foundation, 1993.
  • Reprinted in Market Efficiency: Stock Market Behaviour in Theory and Practice, edited by Andrew Lo, Cheltenham, UK: Edward Elgar Publishing, 1997.
• “The Market’s Problems with the Pricing of Initial Public Offerings,” Roger G. Ibbotson, Jody L. Sindelar, and Jay R. Ritter, Journal of Applied Corporate Finance, Vol. 7, No.1 (Spring 1994), pp. 66-74.
  • Data from figures 1 and 2 (monthly volume and returns).
• “Initial Public Offerings: International Insights,” Tim Loughran, Jay R. Ritter, and Kristian Rydqvist, Pacific-Basin Finance Journal, Vol. 2, No. 2-3. (June 1994), pp. 165-199.
  • 2024 Update Table 1 updated March 2024.
  • 2023 Update of (graph) Average First-Day Returns
  • Winner of the Chicago Board of Trade Competitive Research Award at the 1993 Pacific Basin Finance Conference.
• “The New Issues Puzzle,” Tim Loughran and Jay R. Ritter, Journal of Finance, Vol. 50, No. 1 (March 1995), pp. 23-51.
  • IPOs 1980-2022
  • SEOs 2012 – 5 years
  • Abstracted in The Bowne Review for CFOs & Investment Bankers, Vol. 6, No. 8 (June 1995).
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK: Edward Elgar Publishing.
  • Reprinted in Empirical Corporate Finance, edited by Michael Brennan, Cheltenham, UK: Edward Elgar Publishing.
• “The Costs of Raising Capital,” Inmoo Lee, Scott Lochhead, Jay R. Ritter, and Quanshui Zhao, Journal of Financial Research,Vol. XIX, No. 1, (Spring 1996), pp. 59-74.
  • Abstracted in the Financial Management Collection, Vol. 11, No. 2 (Spring/Summer 1996).
  • Winner of the Outstanding Paper award for the best article in the Journal of Financial Research, 1996.
• “Long-Term Market Overreaction: The Effect of Low-Priced Stocks,” Tim Loughran and Jay R. Ritter, Journal of Finance,Vol. 51, No. 5 (December 1996), pp. 1959-1970.
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK: Edward Elgar Publishing.
• “How I Helped to Make Fischer Black Wealthier,” Jay R. Ritter, Financial Management, Vol. 25, No. 4 (Winter 1996), pp. 104-107.
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK: Edward Elgar Publishing.
• “The Operating Performance of Firms Conducting Seasoned Equity Offerings,” Tim Loughran and Jay R. Ritter, Journal of Finance, Vol. 52, No. 5 (December 1997), pp. 1823-1850.
  • Reprinted in Empirical Corporate Finance, edited by Michael Brennan, Cheltenham, UK: Edward Elgar.
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK: Edward Elgar.
• “Valuing IPOs,” Moonchul Kim and Jay R. Ritter, Journal of Financial Economics, Vol. 53, No. 3 (September 1999), pp. 409-437.
• “Uniformly Least Powerful Tests of Market Efficiency,” Tim Loughran and Jay R. Ritter, Journal of Financial Economics, Vol. 55, No. 3 (March 2000), pp. 361-389.
  • Purged and unpurged Fama-French monthly factor returns from 1973-2003, updated, from the Loughran-Ritter 2000 JFE article “Uniformly Least Powerful Tests of Market Efficiency”
  • Replication, Update, and Extension of Loughran and Ritter’s 2000 Journal of Financial Economics article “Uniformly Least Powerful Tests of Market Efficiency”
• “The Seven Percent Solution,” Hsuan-Chi Chen and Jay R. Ritter, Journal of Finance, Vol. 55, No. 3 (June 2000), pp.1105-1131.
  • Gross Spread Patterns: 1980-2022
• “Institutional Affiliation and the Role of Venture Capital: Evidence from Initial Public Offerings in Japan,” Yasushi Hamao, Frank Packer, and Jay Ritter, Pacific-Basin Finance Journal, Vol. 8, No.5 (October 2000), pp. 529-558.
• “Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?” Tim Loughran and Jay R. Ritter, Review of Financial Studies, Vol.15, No. 2, (2002), pp. 413-443.
  • Jay Ritter’s presentation made at the Direct Listing Conference in San Francisco on October 1, 2019.
  • Abstracted in the CFA Digest, Vol. 32, No. 3 (August 2002).
  • Reprinted in Recent Developments in Corporate Finance, edited by Jay R. Ritter, Cheltenham, UK: Edward Elgar Publishing.
• “The Decline of Inflation and the Bull Market of 1982 to 1999,” Jay R. Ritter and Richard Warr, Journal of Financial and Quantitative Analysis, Vol. 37, No. 1 (March 2002), pp. 29-61.
• “The Biggest Mistakes We Teach,” Jay R. Ritter, Journal of Financial Research, Vol. 25, pp. 159-168 (Summer 2002).
• “A Review of IPO Activity, Pricing, and Allocations,” Jay R. Ritter and Ivo Welch, Journal of Finance, Vol. 57, No. 4 (August 2002), pp. 1795-1828.
• “The Quiet Period Goes Out With a Bang” with Dan Bradley and Brad Jordan, Journal of Finance, Vol. 58, No. 1 (February 2003), pp. 1-36.
  • Winner of the Best Paper in Corporate Finance Award at the 2002 FMA meetings, McGraw-Hill.
• “Behavioral Finance,” Jay R. Ritter, Pacific-Basin Finance Journal, Vol. 11, No. 4 (September 2003) pp. 429-437. (If you are not authorized to download from North-Holland’s website, please click on “Behavioral Finance”.)
• “Differences between European and American IPO Markets” European Financial Management, Vol. 9, No. 4 (December 2003), pp. 421-434.
  • 2023 Update Table 1 Updated January 2023.
  • Graph of average underpricing around the world.
• “The IPO Quiet Period Revisited,” with Daniel J. Bradley, Bradford D. Jordan, and Jack G. Wolf, Journal of Investment Management, Vol. 2, No. 3 (Third Quarter 2004,) pp. 3-13.
• “Why Has IPO Underpricing Changed Over Time?,” with Tim Loughran. Financial Management, Vol. 33, No. 3 (Autumn 2004), pp 5-37. Copyright © 2004 Financial Management Association International, an affiliate of the Finman Corporation. Composed and printed by Dartmouth Printing Company, Hanover, NH. Printed in the U.S.A.
  • Founding dates for (updated January 2024) firms going public in the U.S. during 1975-2023, as described in Appendix A.
  • A list of IPOs from 1975-2023 with multiple share classes outstanding as described in Appendix B.
  • The underwriter reputation rankings used in this paper (see Appendix C in the paper for description).
  • A list of internet IPOs as described in Appendix D (updated through 2023).
• “Economic Growth and Equity Returns,” Jay R. Ritter, Pacific-Basin Finance Journal, Vol. 13, No. 5 (November 2005) pp. 489-503.
  • An updated version of this article is available by scrolling down to the Summer 2012 Journal of Applied Corporate Finance article “Is Economic Growth Good for Investors?”
• “Short Interest, Institutional Ownership, and Stock Returns,” with Paul Asquith and Parag A. Pathak, Journal of Financial Economics, Vol. 78, No. 2 (November 2005), pp. 243-276.
• “Do Today’s Trades Affect Tomorrow’s IPO Allocation?” with M. Nimalendran and Donghang Zhang, Journal of Financial Economics, Vol. 84, No. 1 (April 2007), pp. 87-109.
• “Affiliated Mutual Funds and the Allocation of Initial Public Offerings,” with Donghang Zhang, Journal of Financial Economics, Vol. 86, No. 2 (November 2007), pp. 337-368.
  • Allocation data (with names of institutional investors, indications of interest, and actual allocations) for 11 book building IPOs from 1997-2000 used in Table 7.
• “Analyst Behavior Following IPOs: The ‘Bubble Period’ Evidence,” with D. Bradley and B. Jordan, Review of Financial Studies, Vol. 21, No. 1 (January 2008), pp. 101-133.
• “Forensic Finance,” Journal of Economic Perspectives, Vol. 22, No. 3, (Summer 2008) pp. 127-147.
  • Pre-print if the link does not work.
  • Harry Markopolos’s famous 2005 memo to the U.S. SEC alerting the regulators to the Madoff Ponzi scheme.
• “Testing Theories of Capital Structure and Estimating the Speed of Adjustment,” with Rongbing Huang,  Journal of Financial and Quantitative Analysis, Vol. 44, No. 2 (April 2009) pp. 237-271. Cambridge University Press. “Copyright, University of Washington Foster School of Business”.
  • Stata file for long differencing.
  • Winner of the William F. Sharpe Prize for the best article in the Journal of Financial and Quantitative Analysis, 2009.
• “The Economic Consequences of IPO Spinning,” with Xiaoding Liu, Review of Financial Studies, Vol. 23, No. 5 (May 2010), pp. 2024-2059.
  • Excel file with information for analyst coverage by lead underwriters and spinning dummies for IPOs from 1993-2009 (including updates and corrected data items).
  • Internet Appendix tables IA-1 and IA-2.
  • Randall Smith’s 2010 book Frank Quattrone The Prince of Silicon Valley.
• “The Marketing of Seasoned Equity Offerings.” with Xiaohui Gao, Journal of Financial Economics, Vol. 97, No. 1 (July 2010), pp. 33-52.
  • Appendix B describing Nasdaq Volume Adjustment Algorithm
  • Gao-Ritter (2010) Adjustment Factor for Nasdaq Volume Applied to IPO First-day Returns, 1983-2023.
  • Winner of the Jensen Prize for the best paper in Corporate Finance in the Journal of Financial Economics, 2010.
• “Local Underwriter Oligopolies and IPO Underpricing,” with Xiaoding Liu, Journal of Financial Economics. Vol. 102, No. 3, (December 2011), pp. 579-601.
  • Internet Appendix
  • Excel file with information for analyst coverage by lead underwriters and spinning dummies for IPOs from 1993-2009 (including updates and corrected data items).
• “Equilibrium in the Initial Public Offerings Market,” Annual Review of Financial Economics, Vol. 3 (2011), pp. 347-374.
• “Europe’s Second Markets for Small Companies,” with Silvio Vismara and Stefano Paleari, European Financial Management, Vol. 18, No. 3 (June 2012), pp. 352-388.
  • Winner, Readers’ Choice Best Paper Award for European Financial Management, 2012.
• “Is Economic Growth Good for Investors?” Journal of Applied Corporate Finance, Vol.24, No. 3 (Summer 2012), pp. 8-18.
• “Where Have All the IPOs Gone?,” Xiaohui Gao, Jay R. Ritter, and Zhongyan Zhu, Journal of Financial and Quantitative Analysis, Vol. 48, No. 6 (December 2013), pp. 1663-1692. Copyright, Cambridge University Press.
  • Executive Summary
  • Updated Table 3
  • Internet Appendix
  • The number of listed firms in the U.S., 1980-2023, by quarter.
  • Winner, William F. Sharpe Award for the best article in the Journal of Financial and Quantitative Analysis, 2013.
• “Growth Capital-backed IPOs,” Jay R. Ritter, The Financial Review, Vol. 50, No. 4, (November 2015), pp. 481-515.
  • A list of rollup IPOs from 1980-2023
  • Winner, Editor’s Choice Best Paper Award for the best article in The Financial Review, 2015
  • A list of Growth Capital-backed and Venture Capital-backed IPOs from 1980-2023
• “Private Equity Firms’ Reputational Concerns and the Costs of Debt Financing,” with Rongbing Huang and Donghang Zhang,  Journal of Financial and Quantitative Analysis, Vol. 51, No. 1, (February 2016), pp. 29-54.
  • Internet Appendix.
• “Pre-Market Trading and IPO Pricing,” with Chun Chang, Yao-Min Chiang, Jay R. Ritter, and Yiming Qian,  Review of Financial Studies, Vol. 30, No. 3 (March 2017), pp. 835-865.
  • Internet Appendix A
  • Internet Appendix B
  • Internet Appendix C
• “Closed-end Fund IPOs: Sold, Not Bought,” with Diana Shao, Critical Finance Review, Vol. 2, No. 2 (2018), pp 201-240.
  • Internet Appendix
• “The Speed of Adjustment to the Target Market Value Leverage is Slower Than You Think”, with Qie (Ellie) Yin. Journal of Financial and Quantitative Analysis, Vol. 55, No. 6 (September 2020), pp. 1946-1977.
  • SOA Internet Appendix, August 2019
• “Corporate Cash Shortfalls and Financing Decisions” with Rongbing Huang, Review of Financial Studies, Vol. 34, No. 4 (April 2021), pp. 1789-1833.
  • Internet Appendix
• “The Puzzle of Frequent and Large Issues of Debt and Equity” with Rongbing Huang, Journal of Financial and Quantitative Analysis, Vol. 57, No. 1 (February 2022), pp. 170-206.
  • Internet Appendix
• “What Matters More for Emerging Market Investors: Economic Growth or EPS Growth?” with Jason Hsu, Phillip Wool, and Yanxiang Zhao, Journal of Portfolio Management, Vol. 48, No. 8 (August 2022), pp. 11-19.
• “SPACs”, with Minmo Gahng and Donghang Zhang, Review of Financial Studies, Vol. 36, No. 9 (September 2023), pp. 3463-3501. Table A5 of the Internet Appendix contains an update provided by Siwen Zhang of the University of South Carolina. For 284 SPAC IPOs in 2015 or later that completed a merger (275) or liquidated (9) by the end of September 2021, the EW average annualized sponsor return is 110%, based upon values one year after the merger. Public market investors have earned an EW average one-year buy-and-hold return of -37% on the 275 merged companies.
  • Internet Appendix
• “IPOs and SPACs: Recent Developments” with Rongbing Huang and Donghang Zhang, Annual Review of Financial Economics, Vol. 15 (November 2023), pp. 595-615.
• “Initial Public Offerings Chinese Style”, with Yiming Qian and Xinjian Shao, Journal of Financial and Quantitative Analysis, Vol. 59, No. 1 (February 2024), pp. 1-38.
  • Internet Appendix