This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany´s Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance...

Introduction -- Institutional description of the venture capital industry and the IPO market -- Literature review and formulation of hypotheses -- Data and methodology -- The characteristics of IPO firms on KOSDAQ 1999-2001 -- Underpricing -- Long-term performance -- Conclusion