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This study examines how various aspects of underwriter peer network affect IPOs. We use different network measures to … network partners. Our results show that IPOs underwritten by book managers with more central and cohesive networks and … underprice more. These results indicate that underwriters use peer networks to produce information and place securities, and …
Persistent link: https://www.econbiz.de/10011194179
Contractual execution generates hard information, available to the contracting parties, even when contracts are secretly executed. Building on this simple observation, the paper shows that incomplete contracts can be preferred to complete contracts. This is because (i) execution of incomplete...
Persistent link: https://www.econbiz.de/10004976792
This paper explores a new role for venture capitalists, as knowledge intermediaries. A venture capital investor can communicate valuable knowledge to an entrepreneur, facilitating innovation. The venture capitalist can also communicate the entrepreneur's innovative knowledge to other portfolio...
Persistent link: https://www.econbiz.de/10011168896
Innovative start-ups and venture capitalists are highly clustered, benefiting from localized spillovers: Silicon Valley is perhaps the best example. There is also substantial geographical variation in venture capital contracts: California contracts are more 'incomplete'. This paper explores the...
Persistent link: https://www.econbiz.de/10011084393
This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services, and exits. The survey considers recent work...
Persistent link: https://www.econbiz.de/10014025556
secondary-buyout than via an IPO, reflecting the significant lock-up periods associated with VC-backed IPOs in China, the …
Persistent link: https://www.econbiz.de/10010664731
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