exhibit underpricing; such studies have also attempted to identify the reasons for this underpricing phenomenon. Utilizing … research and development (R&D) can be important factors that influence IPO underpricing. However, these studies have not … demonstrated how venture capital might function as a moderating force between R&D investment and the underpricing of IPOs. This …

Lower underpricing amongst venture-backed IPOs has been attributed to a certification role for venture capitalists. We … argue that differences in underpricing per se are uninformative and possibly misleading when not controlling for differences … in entrepreneurs` incentives to control underpricing. Using 1980s and 1990s data, we show that entrepreneursââ …

contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and …/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex …

upon lockup expiration. We argue that this was not a coincidence. Underwriters benefited from underpricing vis …

This article analyses the impact of the participation of venture capital (VC) firms on underpricing in 372 businesses … differentiate IPO impacts between VCs grouped in terms of their reputation (measured by their dominance of the VC market, and by … of variables which may affect the extent of underpricing. These include uncertainty inducing factors such as the age …

Is the reputation of a firm tradable when the change in ownership is observable? We consider a competitive market in …-value customers. Hence reputation is a tradable intangible asset, although ownership change is observable. …