The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies We investigate the long-run underperformance of recent initial public offering (IPO) firms in a sample of 934 venture-backed IPOs from 1972–1992 and 3,407... ALON,BRAV,PAUL,...
Non-VC capital-backed and VC-backed firms earn normal returns in the 2 years following listing. Our results are inconsistent with the hypothesis that VC-backed IPOs are certified as high quality by mere virtue of being backed by venture capitalists....
Venture capital (VC) is usually invested in high risk technology companies at their early stages of development. In response to the industry risk environment, the VC fund managers have developed a set of risk management practices appropriate for the industry which include investment syndication. ...
backedandVCbackedfirmsearnnormalreturnsinthetwoyearsfollowinglisting.Ourresults areinconsistentwiththehypothesisthatVCbackedIPOsarecertifiedashighqualitybymere virtueofbeingbackedbyventurecapitalists. JELclassification:G12,G14,G24 Keywords:IPO,VentureCapital,Underpricing,Long-runperformance ...
HorizonX Ventures participated in a 15 million-U.S.-dollar Series A funding round led by Australian firms, Blue Sky Venture Capital and Main Sequence Ventures, which manages the Commonwealth Scientific and Industrial Research Organization Innovation Fund. ...
These include concentrated equity holders, banks and venture capital providers. Concentrated equity holders could control equity agency costs due to the incentives that such equity holders have to monitor manager behaviour (Craswell et al., 1997; Shleifer and Vishny, 1997; Huddart, 1993; Zeckhauser...
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The interaction between product market and financing strategy: the role of venture capital. :Analyzes the influence of venture capital financing on product market strategies and outcomes of start-up firms using a dataset of Santa Clara County, Cal... Hellman,Hellmann,Thomas,... - 《Review of Fi...
HLB ensured the fairness, transparency, and credibility of the selection process under the supervision of Paul Ashburn of HLB International Real Estate Group. The global network of independent professional accounting firms and business advisers was recognised as the “2024 Network of the Year.” ...
making it possible to interpret complex motivations that trigger differing responses to resource dependence. RBV has been used as an alternate explanation for performance differences between firms in the strategic management literature (Akingbola,2013). Although different studies have underlined how important...