The empirical results reported above are robust in a number of directions.
No significant changes occur if raw instead of market adjusted returns are
used, if initial excess returns above lOOok are neglected and if initial excess
returns are weighted with the volume issued. A number of institutional
features are also irrelevant. No systematic differences in pricing can be found
with respect to the type of share issued (preferred vs. common stocks) and
the market segment on which the equity is traded in the secondary market.
Moreover, a small number of private placements, which are excluded from
the sample, does not exhibit different patterns of underpricing.