Underpricing of corporate and independent venture capital-backed IPOs

Autor:	Fatima Shuwaikh, Emmanuelle Dubocage, Dennis Murer
Přispěvatelé:	DUBOCAGE, Emmanuelle
Jazyk:	angličtina
Rok vydání:	2023
Předmět:	Initial public offering Accounting Corporate venture capital Underpricing Independent venture capital General Business Management and Accounting [QFIN] Quantitative Finance [q-fin] Finance
Zdroj:	Review of Quantitative Finance and Accounting. 60(4):1629-1650
ISSN:	1573-7179 0924-865X
DOI:	10.1007/s11156-023-01144-5
Popis:	Building on a resource-based view, this study argues that independent venture capital (IVC) firms and corporate venture capital (CVC) firms have different impacts on the underpricing of their backed initial public offerings (IPOs). This is due to their different resources, motivations, and interests. Using a sample of 612 VC-backed IPOs from 2000 to 2020, we find a significant difference in underpricing among CVC- and IVC-backed IPOs. The matching method used by Megginson and Weiss (1991) and propensity score matching both show significant differences in underpricing between CVC-backed and IVC-backed IPOs. This paper shows that the difference in the influence of CVC and IVC backing on underpricing in IPOs has changed over time. While there was a significant difference from 2000–2009 in our models, this difference was no longer present in the more recent period of 2010–2020.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::1af121a2793ab17b8e23c2a21319776d https://doi.org/10.1007/s11156-023-01144-5 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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