We use a sample of 8163 venture-backed companies over three decades to test the competing hypotheses that levels and relative shares of IPO and Mamp;A exits are affected by market timing, versus pseudo market timing that reflects market conditions. We find evidence of pseudo market timing....

Our results shed new light on interpretations of statistical evidence of market timing in prior research on IPO timing and exit choice. We examine IPO and acquisition waves and exit choices for 7082 venture-backed private companies over the 29-year period from 1978 through 2006. Consistent with...

If managers are risk-averse and compensation schemes are not directly linked to shareholder wealth, incentives to allocate effort to manage effects of relative and macroeconomic shocks may be distorted. In this paper we develop a simple model to identify factors that determine the optimal...

We examine IPO and acquisition waves, exit choices, and pre-money valuations at exit for 7082 venture-backed private companies over the 19-year period from 1978 through 2006. Consistent with other literature, we hypothesize that levels of IPO and acquisition activity and the choice between IPO...

Exchange rate and other macroeconomic fluctuations can be considered sources of good or bad “luck” for corporate performance. Incentive effects of performance-based compensation for management may be weakened or biased by macroeconomic influences on remuneration depending on the ability of...

We examine whether equity issuances (IPOs and SEOs) are in part driven by investor sentiment by using equity mutual fund flows to proxy for the rational and/or irrational components of aggregate demand for equity. We find that more firms issue equity when flows are higher and repurchase equity...

All medical device companies require FDA 510(k) clearance before they can market their products to the public. Using this external certification as a natural experiment, this paper analyzes the dynamics of the syndicate formation process of venture capital firms under different circumstances of...

Macroeconomic fluctuations such as interest rate and exchange rate can be considered sources of good or bad “luck” for corporate performance. Incentive effects of performance-based compensation for management may be weakened or biased by macroeconomic influences depending on the ability of...

We examine whether equity issuances (IPOs and SEOs) are in part driven by investor sentiment by using equity mutual fund flows to proxy for the rational and/or irrational components of aggregate demand for equity. We find that more firms issue equity when flows are higher and repurchase equity...

Corporate Social Responsibility (CSR) has been an important global issue all over theworld. Proponents of CSR claim that it has lots of benefits for the company such as goodreputation; on the other hand opponents claim that CSR can not protect a firm from financial harmin times of crisis. The...