IPOs, on average, underperform relative to firms that are of a similar size and with similar growth opportunities as the listing firm in the 3 years following listing. None of the other statements accurately describes the empirical evidence on the longer term performance of IPOs. More than one of the other statements accurately describes the empirical evidence on the longer term performance of Pos. IPOs, on average, outperform the market in the 3 years following listing. IPOs, on average, generate a negative return in the 3 years following listing IPOs, on average, underperform relative to firms that are of a similar size and with similar growth opportunities as the listing firm in the 3 years following listing. None of the other statements accurately describes the empirical evidence on the longer term performance of IPOs. More than one of the other statements accurately describes the empirical evidence on the longer term performance of Pos. IPOs, on average, outperform the market in the 3 years following listing. IPOs, on average, generate a negative return in the 3 years following listing