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and Second Marché between 1991 and 2004. While studies in the US market shown a lower underpricing and a better long run …
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-star coverage are more likely to be chosen to lead the next VC-backed deal. We find a positive relationship between underpricing and … all-star coverage for Top VCs, but not non-Top VCs. Top VCs tolerate higher levels of underpricing because the information … momentum generated by underpricing allows them to cash out at higher prices when the lockup expires …
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the moderating effect of venture capital through the interaction of technology and R&D on the underpricing of IPOs in … China’s A-share market. Motivation: The role of technology in IPO underpricing and the moderating influence of venture … capital, R&D, and technology on underpricing of IPO have not been studied; thus, this research aims to fill this gap. Idea …
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moderator variable where internationalization was a predictor variable and IPO underpricing, a proxy of IPO performance, was the … underpricing. A non-founder CEO had a moderating effect on the influence of internationalization on IPO underpricing, whereas a … founder CEO revealed no moderating effect. Specifically, internationalization had a negative effect on IPO underpricing once …
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This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...
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