Your question relates to the mis-pricing & under-performance of IPOs in developed, developing and under developed economies. The answer will differ in the 3 cases as much depends on the mode of bringing IPOs & their valuations. Some markets still follow the fixed-price method of IPO pricing, others have already adopted the book-building route which is a better way of price & demand discovery & leads to better priced & more successful IPOs. Again, the regulatory & trade practices have a lot of impact on pricing. For e.g., in India, shares are sold directly to the subscribers (both retail & institutional) whereas in US, shares are sold to investment bankers who later market the issue to the public. All these factors influence IPO pricing & success & one can conduct a study & draw inferences only for a particular market & for a particular period. Here are a few links about work done in this field which show the variety of factors that influence IPO performance in different geographical locations. Hope it helps.
Corporate Finance Theories have recognized the phenomenon of IPO mis-pricing in US largely and various academic papers have discussed this. The recent turns in this field is behavioral finance explanations, for money left on the table due to underpricing, using the Kahneman and Tversky's Prospect Theory. Please refer to the paper attached and it's references, for an idea about this topic.