Underpricing of venture backed IPOs: a meta-analysis approach
نویسندگان
چکیده
منابع مشابه
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...
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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: Economics of Innovation and New Technology
سال: 2019
ISSN: 1043-8599,1476-8364
DOI: 10.1080/10438599.2019.1625154