We question whether an evolution in the national legal system leads to higher valuations for companies going public. We investigate this issue with reference to the population of firms going public on the main and second stock markets in the three largest economies of Continental Europe over the...

This paper studies the valuation of companies going public and defines a methodology to infer the growth expectations implicit in their IPO prices. The proposed reverse-engineered DCF model is operable by individual investors, as it does not require access to private information or sell-side...

This paper investigates the dynamics of a sample of 131 Science-Based Entrepreneurial Firms (SBEFs), selected out of 500 innovative SMEs that went public in Europe in the period 1995- 2003. We found that the market for the control of these firms was active, with most of our sample firms being...

Companies obtain significant benefits and resources from university affiliations. Building on recent contributions in the fields of organizational theory and signaling theory, we argue that such relationships redresses investors’ concerns over the legitimacy of firms and acts as an...

The purpose of this study is to shed light on the valuation of firms belonging to European pyramidal groups at the time of their IPO. We question if the particularity in their ownership structure, and the identity of the ultimate shareholder, affect the valuation of the firms going public. With...

In a reference framework towards the knowledge economy concept and in relation to the notions of Regional Innovation System (RIS) and Triple Helix, the purpose of this paper is to identify different paths of regional change with the aim of drawing some indication supporting local policy making....

Entrepreneurship broadly covers different areas because it is a pervasive phenomenon. We here analyze the role of entrepreneurship in mature industries, where strategic change may be necessary for avoiding decline. Firstly, mature industries are embedded with a potential renewed role for...

The object of this work is to isolate and to evaluate the role played by aging in the annual cost variation. The aim is to strength the congruence between central health policy concern and the understanding of the annual cost variation at Local Health Unit level. The sample regards...

This paper introduces a general model to analyze the effects of regulation on company risk. In particular, we consider two determinants of systematic risk: the company’s overall risk and the correlation between the regulated company’s value and the market. Theoretical findings indicate that...

The objective of this article is to analyze the relationship between entrepreneurship and change in technological domains, with the focus on possible causal relations in both directions. It aims at investigating how technological changes generate opportunities that entrepreneurs or...