The study looked at how different countries' laws about protecting shareholders and creditors affect how well companies do after they go public. They found that in countries where shareholders have more protection, companies tend to do better after their initial public offering (IPO). On the other hand, when creditors have more protection, companies tend to do worse after their IPO. This is because rules that give creditors more power to make decisions can hurt a company's performance. Additionally, having a good IPO advisor can make the positive impact of shareholder rights even stronger and the negative impact of creditor rights even worse.