However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing.

而发行政策的变化、不同的行业特征、新股上市首日大盘涨跌幅对于新股发行抑价的影响并不明显。

youdao

With the universal IPO underpricing in the world, and accompanying with the improved market maturity, the initial return tends to be reducing.

IPO抑价是世界范围内普遍存在的现象，而且随着市场成熟度的提高，初始报酬率有逐渐下降的趋势。

youdao

The initial return earned by uninformed investors was affected not only by publicly known pre-IPO market return but also by the turnover rate of stock transactions in the first day of trading.

无信息投资者获得的初始收益不仅受到发行前就已知的市场收益的影响，而且受到二级市场换手率的影响。

youdao

The deal is expected to have an initial annual return of about 7%, above the 5% yield and lower that similar properties offer in larger markets.

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Most insurance policies come with a deductible: The policyholder agrees to cover some of the initial losses himself, in return for much lower insurance premiums.

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In other words, the longer than 1-year holding period, the return of 100% of the initial capital to the limited partners, and the full and equal risk that managers take alongside their limited partners (plus it is common for the managers to put some of their own money into the fund) all justify carried interest treatment as a capital gain.

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