history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can … capitalists is lower, their selling intensity at the IPO is higher and the committed lock-up period is longer. …

This paper analyses the effects of the Initial Public Offering (IPO) market on real investment decisions in emerging … industries. We first propose a model of IPO timing based on divergence of opinion among investors and short-sale constraints … returns and IPO volume. Second, we discuss the possibility of real overinvestment in high-tech industries. We claim that …