Lock-in Agreements in Venture Capital-backed UK IPOs

Investment Bank Compensation in Venture and Non-Venture Capital Backed IPOs

We address two puzzles of the IPO literature: (1) Why do investment banks earn positive profits in a competitive market? And (2) Why do banks receive lower gross spreads in VC backed IPOs? We model the IPO procedure as a two-stage signaling game. In the second stage banks set offer prices given their private information and the level of the spread. Issuers anticipate the bank’s pricing decision...

The Performance of Venture-Backed IPOs in Germany: Exit Strategies, Lock-up Periods, and Bank Ownership

The objective of this paper is to investigate the stock price performance of Initial Public Offerings (IPOs) in Germany. In the empirical analysis we include 305 firms that went public at the "Neuer Markt", the German stock market for growth companies, during the period from 1998 to 2001. Of special interest is the performance of venture-backed IPOs and here especially the ones in which the ven...

Underpricing of Venture-Backed and Non Venture-Backed IPOs: Germany’s Neuer Markt

This paper analyzes a comprehensive data set of 108 non venture-backed, 58 venture-backed and 33 bridge financed companies going public at Germany’s Neuer Markt between March 1997 and March 2000. I examine whether these three types of issues differ with regard to issuer characteristics, balance sheet data or offering characteristics. Moreover, this empirical study contributes to the underpricin...

Finance , Innovation & Growth ( FINNOV ) Innovation in Venture - Capital Backed Clean - Technology Firms in the UK

Innovation in Venture-Capital Backed Clean-Technology Firms in the UK

Copyright and Moral Rights for the articles on this site are retained by the individual authors and/or other copyright owners. For more information on Open Research Online's data policy on reuse of materials please consult the policies page. FINNOV is funded through Theme 8 of the Seventh Framework Programme of the European Commission (SocioEconomic Sciences and the Humanities), under the topic...