Using a unique proprietary data set of over 5,400 realized and unrealized venture capital investments between 1980 and 2005, we examine the impact of supply-related factors, i.e. money provided by VC investors, as well as demand-related factors, e.g. entrepreneurial activity, on the return of...

Succesful Initital Public Offerings of Venture Capital Investments are a major requirement of an efficient Private Equity Market in a well-oiled national economy. IPO as an adequate way of an investment exit is one of the most important alternatives for leaving an investment to reinvest in new...

We investigate whether access to information prior to an IPO generates a trading advantage after the IPO. We find that limited partners (LPs) of venture capital funds obtain high returns when they invest in newly listed stocks backed by their funds. These returns are not explained by LPs'...