Reducing asymmetric information in venture capital backed IPOs
نویسندگان
چکیده
منابع مشابه
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...
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ژورنال
عنوان ژورنال: Managerial Finance
سال: 2016
ISSN: 0307-4358
DOI: 10.1108/mf-03-2015-0059