The study by Barry and Jennings of new stock issues indicates that 90% of the gain occurs in the opening transaction.

Name: The study by Barry and Jennings of new stock issues indicates that 90% of the gain occurs in the opening transaction.
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The recent research by Barry and Jennings calculated positive excess returns of 8.69% on the first date of trading for new issues but discovered that 90% of that gain occurred on the opening transaction.

The Study by Barry and Jennings of New Stock Issues