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Using a unique dataset, we examine financial performance, and venture capital (VC) involvement in 167 MBOs exiting through IPOs (MBO-IPOs) on the London Stock Exchange, during the period 1964 -1997. VC backed MBOs seem to be more under-priced than MBOs without venture capital backing, based on...
Persistent link: https://www.econbiz.de/10014257354
This paper reviews the evidence on financing technology-based small firms (TBSFs) in Europe. The main findings in the …
Persistent link: https://www.econbiz.de/10008729547
Persistent link: https://www.econbiz.de/10015142076
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We revisit debates on the regulation of IPOs by analyzing failure rates of IPOs carried out between 1900 and 1913 on the London and Berlin stock exchanges, two of the leading financial markets during the early 20th century. IPOs were regulated more heavily in Germany than in Britain and, as...
Persistent link: https://www.econbiz.de/10013114440
This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received "law and finance" wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official...
Persistent link: https://www.econbiz.de/10009232393
Much of the new equity declined by existing shareholders in UK SEOs is bought in a few large blocks, both by other existing holders and by new investors. The paper argues that a placing process via negotiation with investors facilitates the purchase of large blocks better than the alternative...
Persistent link: https://www.econbiz.de/10013070794
activity in the countries of Northern Europe has not been made. Therefore, the aim of our research is to compare the level of … of Northern Europe. We have also established that population size, the size of economy and GDP per capita rate in the …. Moreover, we confirm that business angel activity in the countries of Northern Europe is highly heterogeneous. We have also …
Persistent link: https://www.econbiz.de/10012870489
This paper studies the returns of non public firms acquisitions. Like the American studies do, we show the existence of a “non public firms acquisition effect” for the European multi-acquirer firms: abnormal returns are much higher for non-public firms (subsidiaries or private held firms)...
Persistent link: https://www.econbiz.de/10013139979
protection mechanisms. That is, bidding firms from Continental Europe must compensate target firm shareholders (i.e., pay higher …
Persistent link: https://www.econbiz.de/10013018655