Is long run IPO underperformance driven by lack of liquidity?

Is Long-run IPO underperformance driven by lack of liquidity?What a roll! Maybe it is time to talk about momentum blogging! ;) Yet another cool paper!Roychoudhury and Abbott tie long run underperformance of IPOs (See Ritter 1991 or Loughran and Ritter 1994) to a lack of liquidity (the Amihud and Mendelson 1986 idea).In Roychoudhury and Abbott's own words:"We construct portfolios of IPOs with