“…According to previous studies, we expect that worst performing and failed IPOs in the long term are those who are young (Ritter, 1991;Demers and Joos, 2007;Li et al, 2006), small (Keloharju, 1993;Goergen et al, 2007), highly leveraged (Eckbo and Norli, 2005;Demers and Joos, 2007;Li et al, 2006) and less profitable (Fama and French, 2004;Li et al, 2006) at the IPO time.…”