The study looked at how the reputation of investment bankers and the involvement of venture capital affect the long-term performance of initial public offerings (IPOs). The researchers found that IPOs generally perform similarly to other firms, except for those backed by venture capital. These venture-backed IPOs tend to have long-term gains, especially when considering the reputation and size of the investment bankers involved. Overall, the study suggests that venture-backed IPOs, regardless of the reputation of the underwriters, are linked to significant post-issue gains.