, describes their institutional characteristics and analyses their market performance since Initial Public Offering (IPO). The …

engage in more deals. We also explore the effects of country-level pro-takeover legislation passed internationally (positive … post-law changes in VC activity. VC activity intensifies after enactment of country-level takeover friendly legislation and …

We examine IPO and acquisition waves, exit choices, and pre-money valuations at exit for 7082 venture-backed private … companies over the 19-year period from 1978 through 2006. Consistent with other literature, we hypothesize that levels of IPO … and acquisition activity and the choice between IPO and acquisition may be affected by (i) market timing or investor …