We examined the performance of initial public offerings during the recent financial crisis in two
major US stock markets: NASDAQ and NYSE. During 2008-2009 a major Financial Crisis
shocked the IPO market resulting in a massive decrease in offers during these years. We find
evidence to show that during the financial crisis period, NASDAQ IPO's underperform more
than the NYSE IPO's which had an overall higher wealth relative. However, their wealth relative
was below one indicating that both the NASDAQ and NYSE IPO's underperformed compared
to their respective matching firms, which were matched on market capitalization size.