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Are IPOs of different VCs different?
Tykvová, Tereza; Walz, Uwe - 2004
This paper aims to analyze the impact of different types of venture capitalists on the performance of their portfolio firms around and after the IPO. We thereby investigate the hypothesis that different governance structures, objectives and track record of different types of VCs have a...
Persistent link: https://www.econbiz.de/10010298255
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Who knows what when? The Information content of pre-IPO market prices
Löffler, Gunter; Panther, Patrick F.; Theissen, Erik - 2002
To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In … midpoint of the bookbuilding range and the offer price. The pre-issue prices explain a large part of the underpricing left … underpricing suggests. …
Persistent link: https://www.econbiz.de/10010316258
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Are IPOs of Different VCs Different?
Tykvová, Tereza; Walz, Uwe - 2004
This paper sets out to analyze the influence of different types of venture capitalists on the performance of their portfolio firms around and after IPO. We investigate the hypothesis that different governance structures, objectives, and track records of different types of VCs have a significant...
Persistent link: https://www.econbiz.de/10010297354
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IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany
Oehler, Andreas; Rummer, Marco; Smith, Peter N. - 2004
The underpricing phenomenon of Initial Public Offerings (IPOs) has been widely studied across different stock markets … examined and we report, using VAR analysis, that lagged underpricing and IPO volume influence the decision to go public. The …
Persistent link: https://www.econbiz.de/10010296589
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Price Discovery for Cross-Listed Securities from Emerging Eastern European Countries
Wölfle, Marco - 2007
This study provides empirical evidence verifying the theory of price discovery for Eastern European enterprises based on their cross-listing on Western European exchanges. Despite the fact that the crosslisting behavior of companies has been analyzed very actively since the mid-70s, many...
Persistent link: https://www.econbiz.de/10010297968
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Learning and signalling in the French and German venture capital industries
Stolpe, Michael - 2003
This paper analyses the efficiency of venture capital and its impact on primary equity markets in France and Germany. It shows that venture capital operates according to the signalling model in France and according to the learning model in Germany. Only the learning model can serve as a...
Persistent link: https://www.econbiz.de/10010265598
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Underpricing and Index Excess Returns
Nippel, Peter; Pierdzioch, Christian; Schertler, Andrea - 2005
We study the link between underpricing of initial public offerings (IPOs) and index excess returns in secondary markets …. We use a theoretical model to argue that underpricing of IPOs raises investors' attention and, thereby, triggers …
Persistent link: https://www.econbiz.de/10010260538
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Exit timing of venture capitalists in the course of an initial public offering
Neus, Werner; Walz, Uwe - 2002
and a high degree of price uncertainty. Furthermore, we provide a new rationale for underpricing. Young venture … capitalists may use underpricing as a device for credibly committing themselves to acquiring reputation. …
Persistent link: https://www.econbiz.de/10010298232
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Performance and capital structure of IPOs in Pakistan from 2000 to 2015
Javid, Attiya Yasmin; Malik, Henna - In: Financial Innovation 2 (2016) 14, pp. 1-19
first time to general public, is known as initial public offering (IPO). The underpricing phenomenon and ownership structure … structor and initial underpricing for both group of IPOs. Methods: Event study methodology is used to compares short- and long … for investigating the relationship betwen underpricing and ownership structure for both group of IPOs. Results: We find …
Persistent link: https://www.econbiz.de/10011808220
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Tell-tale tails: A data driven approach to estimate unique market information shares
Grammig, Joachim G.; Peter, Franziska J. - 2010
The trading of securities on multiple markets raises the question of each market's share in the discovery of the informationally efficient price. We exploit salient distributional features of multivariate financial price processes to uniquely determine these contributions. Thereby we resolve the...
Persistent link: https://www.econbiz.de/10010302551