This study examines the exit strategy of private equity investors after they take their portfolio companies public. Recent empirical studies considering private equity exit channel and timing generally fail to expose the investor's strategy after the IPO. For this purpose I use a comprehensive...

The English version of this paper can be found at; "http://ssrn.com/abstract=2240614" http://ssrn.com/abstract=2240614W artykule wykazano, że inwestorzy nie łączą ceny emisyjnej akcji z jej ceną nominalną, co umożliwia debiutującym spółkom maksymalizowanie agio poprzez obniżanie ceny...

We study outsourcing relationships among international asset management firms. We find that in companies that manage both outsourced and inhouse funds, inhouse funds outperform outsourced funds by 0.85% annually (57% of the expense ratio). We attribute this result to preferential treatment of...

This study analyses the role of private equity backing in initial public offerings (IPOs) using a dataset of 227 companies that went public on the Milan Stock Exchange between January 1995 and December 2007. The evidence rejects the certification and monitoring hypotheses and provides...

This study analyses the role of private equity investors in solving asymmetric information problems and the relationship to underpricing, wealth loss for pre-existing shareholders and the cost of going public. According to certification theory, companies backed by private equity investors are...

We examine voluntary disclosure and capital investment by an informed manager in an initial public offering (IPO) in the presence of informed and uninformed investors. We find that in equilibrium, disclosure is more forthcoming — and investment efficiency is lower — when a greater fraction...

Using a sample of 1,593 US firms that go public between 1990 and 2007, we find that VC-backed IPOs experience less financial distress risk post-offering than do comparable non-VC-backed IPOs. After controlling for endogeneity, we find this is related to the screening done by VC-investors, who...

Are private equity investors able to reduce the overall costs of going public? This hypothesis was tested, for the Italian market, on a sample of 155 Ipos (54 Vb and 101 Nvb) during the period 1999-2007. For each company we estimated the direct and indirect costs of listing. The main results are...

We examine voluntary disclosure and capital investment by an informed manager in an initial public offering (IPO) in the presence of informed and uninformed investors. We find that in equilibrium, disclosure is more forthcoming — and investment efficiency is lower — when a greater fraction...

This study documents corporate culture at the time of IPO and the relationship between corporate culture at the time of IPO and firms' financial performance. Based on a sample of 1,355 US firms that went public between 1996 and 2011 and performance information to 2016, the data indicate strong...