{
  "run": "565-ipo-pop-long-run-returns",
  "as_of": "2026-10-08",
  "source": "Jay R. Ritter (Univ. of Florida), Table 19 -- updated Table I of Ritter & Welch (2002), 'A Review of IPO Activity, Pricing, and Allocations', Journal of Finance -- fetched live from site.warrington.ufl.edu/ritter/ipo-data/",
  "n": 45,
  "date_range": [
    1980,
    2024
  ],
  "total_ipos": 9253,
  "fit_style": {
    "slope": -1.2894,
    "intercept": 12.994,
    "slope_ci95": [
      -1.8341,
      -0.7447
    ],
    "r2": 0.3464,
    "p": 2.1141633506275954e-05,
    "n": 45
  },
  "fit_mktadj": {
    "slope": -0.8386,
    "intercept": -0.241,
    "slope_ci95": [
      -1.4746,
      -0.2027
    ],
    "r2": 0.1412,
    "p": 0.010951586577536764,
    "n": 45
  },
  "fit_raw": {
    "slope": -1.595,
    "intercept": 49.036,
    "slope_ci95": [
      -2.2759,
      -0.914
    ],
    "r2": 0.3416,
    "p": 2.488604962272944e-05,
    "n": 45
  },
  "fit_style_nobubble": {
    "slope": -1.6349,
    "intercept": 17.495,
    "slope_ci95": [
      -2.4925,
      -0.7773
    ],
    "r2": 0.2655,
    "p": 0.0004059814949095906,
    "n": 43
  },
  "two_pop": {
    "median_first_day_pct": 12.7,
    "hot_n": 22,
    "cold_n": 23,
    "hot_years": [
      1980,
      1995,
      1996,
      1997,
      1998,
      1999,
      2000,
      2001,
      2007,
      2011,
      2012,
      2013,
      2014,
      2015,
      2016,
      2017,
      2018,
      2019,
      2020,
      2021,
      2022,
      2024
    ],
    "cold_years": [
      1981,
      1982,
      1983,
      1984,
      1985,
      1986,
      1987,
      1988,
      1989,
      1990,
      1991,
      1992,
      1993,
      1994,
      2002,
      2003,
      2004,
      2005,
      2006,
      2008,
      2009,
      2010,
      2023
    ],
    "hot_mean_style": -11.44,
    "cold_mean_style": -5.62,
    "diff": -5.82,
    "welch_t": -0.646286400114751,
    "welch_p": 0.5221807980557795,
    "bootstrap_ci95": [
      -22.83,
      11.3
    ]
  },
  "frac_years_negative_style_adjusted": 0.667,
  "table": [
    {
      "year": 1980,
      "n_ipos": 71,
      "avg_first_day_return_pct": 14.3,
      "avg_one_year_return_pct": 28.7,
      "avg_3yr_bh_return_ipos_pct": 89.8,
      "avg_3yr_bh_return_mktadj_pct": 37.0,
      "avg_3yr_bh_return_styleadj_pct": 18.5,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1981,
      "n_ipos": 192,
      "avg_first_day_return_pct": 5.9,
      "avg_one_year_return_pct": -10.5,
      "avg_3yr_bh_return_ipos_pct": 12.3,
      "avg_3yr_bh_return_mktadj_pct": -27.0,
      "avg_3yr_bh_return_styleadj_pct": 11.0,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1982,
      "n_ipos": 77,
      "avg_first_day_return_pct": 11.0,
      "avg_one_year_return_pct": 101.8,
      "avg_3yr_bh_return_ipos_pct": 37.5,
      "avg_3yr_bh_return_mktadj_pct": -31.5,
      "avg_3yr_bh_return_styleadj_pct": -12.0,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1983,
      "n_ipos": 451,
      "avg_first_day_return_pct": 9.9,
      "avg_one_year_return_pct": -19.2,
      "avg_3yr_bh_return_ipos_pct": 15.9,
      "avg_3yr_bh_return_mktadj_pct": -37.7,
      "avg_3yr_bh_return_styleadj_pct": -4.4,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1984,
      "n_ipos": 171,
      "avg_first_day_return_pct": 3.7,
      "avg_one_year_return_pct": 20.0,
      "avg_3yr_bh_return_ipos_pct": 50.2,
      "avg_3yr_bh_return_mktadj_pct": -28.5,
      "avg_3yr_bh_return_styleadj_pct": 29.0,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1985,
      "n_ipos": 186,
      "avg_first_day_return_pct": 6.4,
      "avg_one_year_return_pct": 23.6,
      "avg_3yr_bh_return_ipos_pct": 5.6,
      "avg_3yr_bh_return_mktadj_pct": -41.3,
      "avg_3yr_bh_return_styleadj_pct": -12.3,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1986,
      "n_ipos": 393,
      "avg_first_day_return_pct": 6.2,
      "avg_one_year_return_pct": 9.5,
      "avg_3yr_bh_return_ipos_pct": 16.9,
      "avg_3yr_bh_return_mktadj_pct": -22.6,
      "avg_3yr_bh_return_styleadj_pct": -1.3,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1987,
      "n_ipos": 285,
      "avg_first_day_return_pct": 5.6,
      "avg_one_year_return_pct": -21.5,
      "avg_3yr_bh_return_ipos_pct": -2.6,
      "avg_3yr_bh_return_mktadj_pct": -19.1,
      "avg_3yr_bh_return_styleadj_pct": -11.2,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1988,
      "n_ipos": 105,
      "avg_first_day_return_pct": 5.5,
      "avg_one_year_return_pct": 28.7,
      "avg_3yr_bh_return_ipos_pct": 58.0,
      "avg_3yr_bh_return_mktadj_pct": 9.7,
      "avg_3yr_bh_return_styleadj_pct": 38.7,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1989,
      "n_ipos": 116,
      "avg_first_day_return_pct": 8.0,
      "avg_one_year_return_pct": -5.5,
      "avg_3yr_bh_return_ipos_pct": 48.1,
      "avg_3yr_bh_return_mktadj_pct": 13.2,
      "avg_3yr_bh_return_styleadj_pct": 7.2,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1990,
      "n_ipos": 110,
      "avg_first_day_return_pct": 10.8,
      "avg_one_year_return_pct": 4.0,
      "avg_3yr_bh_return_ipos_pct": 9.7,
      "avg_3yr_bh_return_mktadj_pct": -35.9,
      "avg_3yr_bh_return_styleadj_pct": -38.4,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1991,
      "n_ipos": 286,
      "avg_first_day_return_pct": 11.9,
      "avg_one_year_return_pct": 10.5,
      "avg_3yr_bh_return_ipos_pct": 31.2,
      "avg_3yr_bh_return_mktadj_pct": -1.8,
      "avg_3yr_bh_return_styleadj_pct": 5.8,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1992,
      "n_ipos": 412,
      "avg_first_day_return_pct": 10.3,
      "avg_one_year_return_pct": 20.5,
      "avg_3yr_bh_return_ipos_pct": 37.4,
      "avg_3yr_bh_return_mktadj_pct": -0.2,
      "avg_3yr_bh_return_styleadj_pct": 11.1,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1993,
      "n_ipos": 510,
      "avg_first_day_return_pct": 12.7,
      "avg_one_year_return_pct": 3.0,
      "avg_3yr_bh_return_ipos_pct": 44.1,
      "avg_3yr_bh_return_mktadj_pct": -8.7,
      "avg_3yr_bh_return_styleadj_pct": -9.5,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1994,
      "n_ipos": 402,
      "avg_first_day_return_pct": 9.6,
      "avg_one_year_return_pct": 27.8,
      "avg_3yr_bh_return_ipos_pct": 78.0,
      "avg_3yr_bh_return_mktadj_pct": -5.7,
      "avg_3yr_bh_return_styleadj_pct": -0.9,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1995,
      "n_ipos": 462,
      "avg_first_day_return_pct": 21.4,
      "avg_one_year_return_pct": 26.5,
      "avg_3yr_bh_return_ipos_pct": 28.6,
      "avg_3yr_bh_return_mktadj_pct": -58.0,
      "avg_3yr_bh_return_styleadj_pct": -24.7,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1996,
      "n_ipos": 677,
      "avg_first_day_return_pct": 17.2,
      "avg_one_year_return_pct": 7.1,
      "avg_3yr_bh_return_ipos_pct": 25.2,
      "avg_3yr_bh_return_mktadj_pct": -56.8,
      "avg_3yr_bh_return_styleadj_pct": 7.0,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1997,
      "n_ipos": 474,
      "avg_first_day_return_pct": 14.0,
      "avg_one_year_return_pct": 8.0,
      "avg_3yr_bh_return_ipos_pct": 58.3,
      "avg_3yr_bh_return_mktadj_pct": -2.0,
      "avg_3yr_bh_return_styleadj_pct": 22.0,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1998,
      "n_ipos": 283,
      "avg_first_day_return_pct": 21.8,
      "avg_one_year_return_pct": 18.4,
      "avg_3yr_bh_return_ipos_pct": 22.9,
      "avg_3yr_bh_return_mktadj_pct": 5.1,
      "avg_3yr_bh_return_styleadj_pct": -4.9,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 1999,
      "n_ipos": 476,
      "avg_first_day_return_pct": 71.2,
      "avg_one_year_return_pct": 22.1,
      "avg_3yr_bh_return_ipos_pct": -47.6,
      "avg_3yr_bh_return_mktadj_pct": -32.5,
      "avg_3yr_bh_return_styleadj_pct": -60.6,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2000,
      "n_ipos": 380,
      "avg_first_day_return_pct": 56.4,
      "avg_one_year_return_pct": -52.9,
      "avg_3yr_bh_return_ipos_pct": -60.1,
      "avg_3yr_bh_return_mktadj_pct": -30.9,
      "avg_3yr_bh_return_styleadj_pct": -56.9,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2001,
      "n_ipos": 80,
      "avg_first_day_return_pct": 14.0,
      "avg_one_year_return_pct": -14.3,
      "avg_3yr_bh_return_ipos_pct": 18.0,
      "avg_3yr_bh_return_mktadj_pct": 14.6,
      "avg_3yr_bh_return_styleadj_pct": -27.8,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2002,
      "n_ipos": 66,
      "avg_first_day_return_pct": 9.1,
      "avg_one_year_return_pct": 3.1,
      "avg_3yr_bh_return_ipos_pct": 68.6,
      "avg_3yr_bh_return_mktadj_pct": 39.0,
      "avg_3yr_bh_return_styleadj_pct": -0.4,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2003,
      "n_ipos": 63,
      "avg_first_day_return_pct": 11.7,
      "avg_one_year_return_pct": 25.7,
      "avg_3yr_bh_return_ipos_pct": 34.0,
      "avg_3yr_bh_return_mktadj_pct": -7.7,
      "avg_3yr_bh_return_styleadj_pct": -11.2,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2004,
      "n_ipos": 173,
      "avg_first_day_return_pct": 12.3,
      "avg_one_year_return_pct": 17.8,
      "avg_3yr_bh_return_ipos_pct": 51.4,
      "avg_3yr_bh_return_mktadj_pct": 6.9,
      "avg_3yr_bh_return_styleadj_pct": -7.0,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2005,
      "n_ipos": 159,
      "avg_first_day_return_pct": 10.3,
      "avg_one_year_return_pct": 19.0,
      "avg_3yr_bh_return_ipos_pct": 14.6,
      "avg_3yr_bh_return_mktadj_pct": 3.1,
      "avg_3yr_bh_return_styleadj_pct": -2.5,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2006,
      "n_ipos": 157,
      "avg_first_day_return_pct": 12.1,
      "avg_one_year_return_pct": 21.4,
      "avg_3yr_bh_return_ipos_pct": -28.8,
      "avg_3yr_bh_return_mktadj_pct": -11.1,
      "avg_3yr_bh_return_styleadj_pct": -4.5,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2007,
      "n_ipos": 159,
      "avg_first_day_return_pct": 14.0,
      "avg_one_year_return_pct": -28.4,
      "avg_3yr_bh_return_ipos_pct": -16.5,
      "avg_3yr_bh_return_mktadj_pct": -0.4,
      "avg_3yr_bh_return_styleadj_pct": 0.5,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2008,
      "n_ipos": 21,
      "avg_first_day_return_pct": 5.7,
      "avg_one_year_return_pct": -34.4,
      "avg_3yr_bh_return_ipos_pct": 11.4,
      "avg_3yr_bh_return_mktadj_pct": 8.1,
      "avg_3yr_bh_return_styleadj_pct": 5.1,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2009,
      "n_ipos": 41,
      "avg_first_day_return_pct": 9.8,
      "avg_one_year_return_pct": 11.5,
      "avg_3yr_bh_return_ipos_pct": 37.0,
      "avg_3yr_bh_return_mktadj_pct": -5.1,
      "avg_3yr_bh_return_styleadj_pct": -18.3,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2010,
      "n_ipos": 91,
      "avg_first_day_return_pct": 9.4,
      "avg_one_year_return_pct": 15.7,
      "avg_3yr_bh_return_ipos_pct": 36.4,
      "avg_3yr_bh_return_mktadj_pct": -9.6,
      "avg_3yr_bh_return_styleadj_pct": -18.5,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2011,
      "n_ipos": 81,
      "avg_first_day_return_pct": 13.9,
      "avg_one_year_return_pct": -12.2,
      "avg_3yr_bh_return_ipos_pct": 38.6,
      "avg_3yr_bh_return_mktadj_pct": -8.7,
      "avg_3yr_bh_return_styleadj_pct": -11.6,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2012,
      "n_ipos": 93,
      "avg_first_day_return_pct": 17.7,
      "avg_one_year_return_pct": 35.7,
      "avg_3yr_bh_return_ipos_pct": 81.9,
      "avg_3yr_bh_return_mktadj_pct": 31.8,
      "avg_3yr_bh_return_styleadj_pct": 33.4,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2013,
      "n_ipos": 158,
      "avg_first_day_return_pct": 20.9,
      "avg_one_year_return_pct": 12.8,
      "avg_3yr_bh_return_ipos_pct": 12.1,
      "avg_3yr_bh_return_mktadj_pct": -14.4,
      "avg_3yr_bh_return_styleadj_pct": -16.1,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2014,
      "n_ipos": 206,
      "avg_first_day_return_pct": 15.5,
      "avg_one_year_return_pct": 20.1,
      "avg_3yr_bh_return_ipos_pct": 17.1,
      "avg_3yr_bh_return_mktadj_pct": -9.7,
      "avg_3yr_bh_return_styleadj_pct": -12.5,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2015,
      "n_ipos": 118,
      "avg_first_day_return_pct": 19.2,
      "avg_one_year_return_pct": -23.8,
      "avg_3yr_bh_return_ipos_pct": 24.5,
      "avg_3yr_bh_return_mktadj_pct": -9.9,
      "avg_3yr_bh_return_styleadj_pct": -27.3,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2016,
      "n_ipos": 75,
      "avg_first_day_return_pct": 14.5,
      "avg_one_year_return_pct": 23.3,
      "avg_3yr_bh_return_ipos_pct": 70.5,
      "avg_3yr_bh_return_mktadj_pct": 29.5,
      "avg_3yr_bh_return_styleadj_pct": 27.0,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2017,
      "n_ipos": 106,
      "avg_first_day_return_pct": 12.9,
      "avg_one_year_return_pct": 32.4,
      "avg_3yr_bh_return_ipos_pct": 52.8,
      "avg_3yr_bh_return_mktadj_pct": 22.6,
      "avg_3yr_bh_return_styleadj_pct": 35.6,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2018,
      "n_ipos": 134,
      "avg_first_day_return_pct": 18.6,
      "avg_one_year_return_pct": -6.8,
      "avg_3yr_bh_return_ipos_pct": 79.1,
      "avg_3yr_bh_return_mktadj_pct": 23.4,
      "avg_3yr_bh_return_styleadj_pct": 55.8,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2019,
      "n_ipos": 113,
      "avg_first_day_return_pct": 23.5,
      "avg_one_year_return_pct": 33.0,
      "avg_3yr_bh_return_ipos_pct": 12.5,
      "avg_3yr_bh_return_mktadj_pct": -25.1,
      "avg_3yr_bh_return_styleadj_pct": -8.8,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2020,
      "n_ipos": 165,
      "avg_first_day_return_pct": 41.6,
      "avg_one_year_return_pct": 9.9,
      "avg_3yr_bh_return_ipos_pct": -48.1,
      "avg_3yr_bh_return_mktadj_pct": -78.6,
      "avg_3yr_bh_return_styleadj_pct": -75.7,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2021,
      "n_ipos": 311,
      "avg_first_day_return_pct": 32.1,
      "avg_one_year_return_pct": -49.1,
      "avg_3yr_bh_return_ipos_pct": -49.1,
      "avg_3yr_bh_return_mktadj_pct": -68.6,
      "avg_3yr_bh_return_styleadj_pct": -42.3,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2022,
      "n_ipos": 38,
      "avg_first_day_return_pct": 48.9,
      "avg_one_year_return_pct": -27.7,
      "avg_3yr_bh_return_ipos_pct": -29.5,
      "avg_3yr_bh_return_mktadj_pct": -72.2,
      "avg_3yr_bh_return_styleadj_pct": -69.9,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2023,
      "n_ipos": 54,
      "avg_first_day_return_pct": 11.9,
      "avg_one_year_return_pct": -11.6,
      "avg_3yr_bh_return_ipos_pct": -30.9,
      "avg_3yr_bh_return_mktadj_pct": -88.3,
      "avg_3yr_bh_return_styleadj_pct": -84.7,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    },
    {
      "year": 2024,
      "n_ipos": 72,
      "avg_first_day_return_pct": 15.4,
      "avg_one_year_return_pct": -17.4,
      "avg_3yr_bh_return_ipos_pct": -4.7,
      "avg_3yr_bh_return_mktadj_pct": -33.2,
      "avg_3yr_bh_return_styleadj_pct": -12.3,
      "source": "Jay R. Ritter (Univ. of Florida), Table 19 (updated Table I of Ritter & Welch 2002 JF); site.warrington.ufl.edu/ritter/ipo-data/"
    }
  ]
}