The study looked at how different ways of funding and working together affect how much money companies lose when they first start selling their shares to the public. They found that companies that get money from a group of investors tend to lose less money in this process. Also, the bigger the group of investors, the less money the companies lose. However, they didn't find that getting money in stages makes a big difference. So, working with a group of investors seems to be the best way to make sure companies don't lose too much money when they start selling their shares to the public.