Grandstanding in the venture capital industry

Article Abstract:

The hypothesis that young venture capital firms take companies earlier than older venture capital firms is developed and tested. Evidence from a sample of 433 initial public offerings (IPO) suggests that companies backed by young venture capital firms are younger and more underpriced at their IPO than those of established venture capital firms. Young firms also hold smaller-equity stakes and time the IPO to precede or coincide with raising money for follow-on funds.

Research

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IPOs, acquisitions, and the use of convertible securities in venture capital

Article Abstract:

Implications of initial public offerings, acquisitions and convertible securities on gains of venture capitalists are examined. It is revealed that a venture capitalist gains more from acquisitions rather than initial public offerings.

Sales, profits & dividends, Acquisitions and mergers, Company sales and earnings, Company earnings/profit, Convertible securities

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The timing of initial public offerings

Article Abstract:

An analysis of the tradeoff between the loss of entrepreneur's private benefits and gains from diversification at the time of initial public offer are assessed. The importance of the timing aspects of the IPO is also discussed.

Israel, Netherlands

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