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IPOs, Trade Sales and Liquidations: Modelling Venture Capital Exits Using Survival Analysis

Giot, Pierre; Schwienbacher, Armin - EconWPA - 2003

Using a detailed sample made up of more than 20,000 investment rounds, we analyze the time to ‘IPO’, ‘trade sale’ and … firms have the fastest IPO exits. Internet firms are also the fastest to liquidate, while biotech firms are however the …-backed firms first exhibit an increased likelihood of exiting to an IPO. However, after having reached a plateau, investments that …

Persistent link: https://www.econbiz.de/10005134683

INNOVATION AND VENTURE CAPITAL EXITS

SCHWIENBACHER, Armin - EconWPA - 2001

capitalist. The entrepreneur has incentives to distort the innovation strategy so as to make an IPO the preferred exit. We derive …

Persistent link: https://www.econbiz.de/10005413189

Insolvency and Economic Development:Regional Variation and Adjustment

Fabling, Richard; Grimes, Arthur - EconWPA - 2004

This paper examines the determinants of the rate of forced insolvency in New Zealand. The study incorporates two key … variety of economic experiences over the sample period (1988–2003). Second, we explain the total rate of forced insolvency in …

Persistent link: https://www.econbiz.de/10005407642

Liquidation Triggers and the Valuation of Equity and Debt

Galai, Dan; Raviv, Alon; Wiener, Zvi - EconWPA - 2003

bankruptcy codes stipulate an automatic stay of assets that prevent bondholders from triggering liquidation and thus impact many …

Persistent link: https://www.econbiz.de/10005561605

DO MARKET LISTING AND SIZE ENTAIL BEHAVIOURAL DIFFERENCES?

BELLETANTE, Bernard; PARANQUE, Bernard - EconWPA - 2000

It is possible to study companies according to their methods of gaining access to finance, and in particular the stock market. Two approaches are possible. The first looks at the organisation of such access through the relationships built up by the company with suppliers of capital, enabling the...

Persistent link: https://www.econbiz.de/10005134889

A Note on Firms' Strategic Behaviour During an IPO

Weiss, Pia - EconWPA - 2002

by an IPO and operating under less favourable business conditions have a strong incentive to appear more successful. …

Persistent link: https://www.econbiz.de/10005077052

Prices and the Winner's Curse

Bulow, Jeremy; Klemperer, Paul - EconWPA - 1999

We usually assume increases in supply, allocation by rationing, and exclusion of potential buyers will never raise prices. But all of these activities raise the expected price in an important set of cases when common-value assets are sold. Furthermore, when we make the assumptions needed to rule...

Persistent link: https://www.econbiz.de/10005118642

Cross-Commodity Perspective on Contracting: Evidence from Mississippi

Hudson, Darren - EconWPA - 2004

This analysis presents the results of a survey of agricultural producers in Mississippi regarding their use of contracting. The study focuses on cross-commodity differences in contracting and the variable underlying contracting. Logistic regression models are used to examine the impacts of...

Persistent link: https://www.econbiz.de/10005412876

To what extent are investment bank-differentiating factors relevant for firms floating moderate-sized IPOs?

Kulkarni, Kedar S.; Sabarwal, Tarun - EconWPA - 2004

One explanation provided for the relatively high and increasingly stable spreads for moderate-sized IPOs ($20-$80 million) documented in Chen and Ritter (2000) is that issuing firms focus less on price and more on a combination of investment bank-differentiating factors (such as underwriter...

Persistent link: https://www.econbiz.de/10005561648

Knowledge Exchange, Matching, and Agglomeration

Berliant, Marcus; III, Robert R. Reed; Wang, Ping - EconWPA - 2004

Despite wide recognition of their significant role in explaining sustained growth and economic development, uncompensated knowledge spillovers have not yet been fully modeled with a microeconomic foundation. This paper illustrates the exchange of knowledge as well as its consequences for...

Persistent link: https://www.econbiz.de/10005556221