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The Role of Exchange Listing in the Initial and Aftermarket Performance of IPOs

This article examines the role of the exchange listing on the initial and aftermarket performance of Initial Public Offerings (IPOs). IPOs on the NASDAQ had larger initial and aftermarket returns when compared to IPOs on the NYSE. These results suggest that it may be important for individual investors purchasing IPOs to consider the exchange on which the firm is listing. The results also suggest that the choice of exchange listing may affect the proceeds the issuing firm receives from the offering and should be taken into consideration by firms contemplating an IPO.