... Stocks Senior management An initial public offering (IPO) is a critical stage for entrepreneurial firms. A new enterprise involved in an IPO is in the transition from a closed-held private firm to one where there is more dispersed ownership. In particular, as a crucial exit strategy, an IPO...

... is not statistically different from zero, while the mean for the younger group is −0.72 percent (significantly different than zero with a p‐value of 2.4 percent). These means are different at the 6 percent level of significance (t‐statistic of 1.88). Shareholders Corporate governance Senior...