In IPO Market, Issuers Court Long-Term Buyers - WSJ.com

The WSJ provides more evidence that investors are not the same.

In IPO Market, Issuers Court Long-Term Buyers - WSJ.com:

"Long-only buyers—those who tend to hold the stock rather than flip it on the first day—have always been critical participants in successful new issues. Mr. Fox added that issuers 'focus less on allocations when every deal is doing well than when they do in a more differentiating market period like we are in today.'"