This paper attempts to extend the Certification Paradigm--mainly used in the literature as an explanation for IPO …

In this study we analyze the IPO exit behavior of venture capitalists (VCs) in the Neuer Markt, the former market for … at the IPO date, the lower is the IPO performance after expiration of the lock-up period. In addition, the firms that … went public in the year 2000 planned their IPO too late in the stock market cycle so that--due to the mandatory lock …

that had IPOs in 1985 compared to a matched sample of similar firms which had their IPO before 1980. We find that the 1985 … IPO firms were more profitable, operationally more efficient, had more liquid assets, and had greater value over the 1985 …

exited 19% of portfolio companies through an IPO, 7% through a sale of listed equity, and 23% through mergers or acquisitions …

Because IPO mechanisms determine both the initial trading price and the allocation of newly-listed firms' shares, they … fifteen European countries shows the increasing prominence of book-building. Although this IPO mechanism is probably the only … markets, it appears necessary to pursue the harmonisation of IPO procedures and listing requirements that has started with the …

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. …

We analyze the venture capitalist's decision on the timing of the IPO, the offer price and the fraction of shares he … sells in the course of the IPO. A venture capitalist may decide to take a company public or to liquidate it after one or two … financing periods. A longer venture capitalist's participation in a firm (later IPO) may increase its value while also …

Using a sample of IPO companies on the Shenzhen Small and Median Enterprise Board and the ChiNext Stock Market between …-state-owned IPO companies than of state-owned companies. …

clientele of sophisticated investors, consistent with Shiller's Impresario Hypothesis. Our pre-IPO bubble (1981-1996) empirical … results yield evidence supporting both selling mechanisms. Under-demanded small IPO issues are "pushed" by the brokers, while … some under-demanded large IPO issues instead increase the offer price, with large first-day turnover characteristics of …