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Changes in the financial market and attempts at implementation of prudential regulation proposals after the recent financial crisis resulted in the scientific conference entitled International Conference on Management, Banking and Finance, held at the Faculty of Management, University of Warsaw,...
Persistent link: https://www.econbiz.de/10011162565
Over the 1993-2000 period, a majority of U.S. venture-backed IPOs have venture backing by financial institutions. Each class of financial institutions has its own asset expertise, investment criteria and access to proprietary information on private firms, which we exploit evaluating whether...
Persistent link: https://www.econbiz.de/10012727149
Venture capital’s success in aiding enterprise creation in developed economies and its characteristic design for channeling equity capital to fledgling enterprises beyond the limits of bank term loans, have led some to suggest venture capital can play a role in bridging the enormous capital...
Persistent link: https://www.econbiz.de/10009319146
proliferate. One often hears about the incredible capital gains of IPO share prices. This paper refutes the myth that investors …
Persistent link: https://www.econbiz.de/10010790657
IPO firm executives are significant net sellers in the year immediately following the IPO year. Two significant … restricted stocks turn out to be insignificant. The evidence suggests that IPO executives sell mainly to realize a significant …
Persistent link: https://www.econbiz.de/10010790697
This paper attempts to extend the Certification Paradigm--mainly used in the literature as an explanation for IPO …
Persistent link: https://www.econbiz.de/10010790715
In this study we analyze the IPO exit behavior of venture capitalists (VCs) in the Neuer Markt, the former market for … at the IPO date, the lower is the IPO performance after expiration of the lock-up period. In addition, the firms that … went public in the year 2000 planned their IPO too late in the stock market cycle so that--due to the mandatory lock …
Persistent link: https://www.econbiz.de/10010790720
exited 19% of portfolio companies through an IPO, 7% through a sale of listed equity, and 23% through mergers or acquisitions …
Persistent link: https://www.econbiz.de/10010790733
). We do this by using the 5B-IPO program of the SEC as our instrument to define a small firm. Having identified small firms …, we test the three IPO anomalies to see if small firms differ from large firms along these dimensions. We find that 5B …
Persistent link: https://www.econbiz.de/10010762503
their IPO. Venture-backed firms survive longer, grow faster, are more R&D intensive, have generally superior operating … that the true legacy of venture capital finance extends well beyond the IPO. …
Persistent link: https://www.econbiz.de/10010765295