improved long-term performance and lower underpricing at the time of the IPOs. In Japan, we find the long-run performance of … venture capital-backed IPOs to be no better than that of other IPOs. Many of the major venture capital firms in Japan are … interest influence the pricing and long-run performance of initial public offerings in Japan. …

improved long-term performance and lower underpricing at the time of the IPOs. In Japan, we find the long-run performance of … independent venture capitalists. Many of the major venture capital firms in Japan are subsidiaries of securities firms that may …-term performance, of initial public offerings in Japan. …