Entrepreneurial high-technology start-up firms usually need equity in order to finance their research, product development, and in particular growth opportunities due to new ideas and innovation. In an advanced stage they often require even larger financial resources and may raise equity by...

We investigate the financing strategies and valuation effects of 247 IPO firms at the "Neuer Markt" in Germany that either issued additional equity (SEO) or repurchased shares (SRP) within five years after going public. IPOs issuing additional equity exhibit a temporary outperformance before the...

This study investigates the motives and valuation effects of share repurchase announcements of German firms during the 1998-2008 period, addressing the question why initial public offering (IPO) firms repurchase shares soon after going public. While our focus is on IPO firms, we also examine the...