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Jay Ritter - University of Florida. Gainesville, FL, US

Jay Ritter

Eminent Scholar | University of Florida

Gainesville, FL, UNITED STATES

Jay Ritter studies IPOs, asset pricing, valuation, investment banking and capital structure.


Jay Ritter is known as “Mr. IPO” for his work on initial public offerings (IPOs). He studies IPOs, asset pricing, valuation, investment banking and capital structure. Jay is the Joseph B. Cordell Eminent Scholar in the Department of Finance in the Warrington College of Business.

Areas of Expertise (8)

Finance, Insurance & Real Estate

Initial Public Offerings

Investment Banking

Capital Structure

Asset Pricing




Media Appearances (3)

Trump Media stock drops in Friday trading after former president's guilty verdict

USA Today  online


Shares of Trump Media & Technology Group fell more than 5% Friday afternoon, extending an after-hours slide from the prior evening when investors absorbed news of Donald Trump’s guilty verdict in his criminal hush money trial. Trump was convicted of 34 counts of falsifying business records by a New York jury. Hours after the verdict, shares of Trump Media & Technology Group, the parent company of Truth Social, fell as much as 15%.

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Trump's Truth Social stock takes turbulent swings after verdict

ABC News  tv


The stock price of former President Donald Trump's social media platform Truth Social made turbulent swings in the aftermath of his conviction in a New York court on Thursday. A jury found Trump guilty of 34 felony counts of falsifying business records in an effort to conceal hush money payments made to porn star Stormy Daniels. The verdict made Trump the first president to be convicted in a criminal trial.

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Trump Media lost more than $300 million last quarter on very little revenue

CNN  online


Trump Media & Technology Group lost more than $300 million during the first quarter and generated very little revenue, the owner of Truth Social announced in a press release Monday. The results will raise additional questions about the multi-billion dollar valuation on the newly public company, which is majority owned by former President Donald Trump.

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Articles (3)

Initial Public Offerings Chinese Style


Yiming Qian, et al.


This paper provides a survey of China’s IPO market. We examine the following key aspects of IPOs—the policy history, IPO pricing, bids and allocation, and aftermarket trading. We show that heavy-handed regulations result in suppressed IPO offer prices and high initial returns, resulting in a high cost of going public. As a consequence, investors treat IPOs as lotteries with extreme short-term returns, with little attention to the long-term. The auction selling method, however, works in the way it is supposed to.

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Corporate Cash Shortfalls and Financing Decisions

The Review of Financial Studies

Rongbing Huang and Jay R Ritter


Given their actual revenue and spending, most net equity issuers and an overwhelming majority of net debt issuers would face immediate cash depletion without external financing. Debt issuers tend to have short-lived cash needs, while equity issuers often have persistent cash needs. On average, debt issuers immediately spend almost all of the proceeds, while equity issuers retain much of the proceeds in cash.

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The Speed of Adjustment to the Target Market Value Leverage Is Slower Than You Think

Journal of Financial and Quantitative Analysis

Qie Ellie Yin, Jay R Ritter


In the capital structure literature, speed of adjustment (SOA) estimates are similar whether book or market leverage is used. This robustness is suspect, given the survey evidence that firms target their book leverage and the empirical evidence that they don’t issue securities to offset market leverage changes caused by stock price changes. We show that existing market SOA estimates are substantially upward biased due to the passive influence of stock price fluctuations.

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