A study conducted by Morgan Creek Capital Management compared the performances of IPOs that were either sole-led or joint-led by the transacting institutions. The study used data from VentureSource and included all U.S. VC-backed IPOs from Q1 2010 to approximately Q1 2013. Only IPOs launched on the NASDAQ and NYSE were included.
They found that IPOs that were sole-led tended to be more volatile and have had significantly lower performance. This may be one of the many reasons that companies have preferred the joint-led IPO structure.