The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have...

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...

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'...