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Venture Capital Backing Investor Attention And Initial Public Offerings
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Book Synopsis Venture Capital Backing, Investor Attention, and Initial Public Offerings by : Thomas J. Chemmanur
Download or read book Venture Capital Backing, Investor Attention, and Initial Public Offerings written by Thomas J. Chemmanur and published by . This book was released on 2018 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: We hypothesize that VC-backing garners greater “investor attention” (Merton (1987)) for IPOs, allowing IPO underwriters to perform two information-related roles more efficiently during the book-building and road-show process: information dissemination, where the lead underwriter disseminates noisy information about various aspects of the IPO firm to institutional investors; and information extraction, where the lead underwriter extracts information useful in pricing the IPO firm equity from institutional investors. Using pre-IPO media coverage as a proxy, we show empirically that VC-backed firm IPOs indeed obtain greater investor attention, causally yielding them more favorable IPO characteristics such as higher IPO and secondary market valuations.
Book Synopsis An Investigation of the Attention Effects of Venture Capitalist Backing on Entrepreneurial Firms by : Roberto Ragozzino
Download or read book An Investigation of the Attention Effects of Venture Capitalist Backing on Entrepreneurial Firms written by Roberto Ragozzino and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we theorize that venture capital (VC) backed initial public offerings (IPOs) attract more attention than non-VC-backed IPOs, as VCs offer important signals to investors searching for information about entrepreneurial firms. We use a measure developed by Google (i.e., Trends) to capture the spikes in investors' attention experienced by firms in the time period surrounding their IPOs. Our results demonstrate that firms backed by VCs enjoy a far greater spike in attention than their counterparts. Furthermore, we find that firms with more prominent VCs, a larger number of VCs, and VCs situated at farther geographic distances exhibit significantly greater spikes in investors' attention during the week of their IPO. Combined, the findings show a clear demarcation between entrepreneurial firms with or without VC backing, and they bring to the fore new upshots stemming from the relationship between VCs and entrepreneurial firms, and they raise new potential questions on this relationship and beyond.
Book Synopsis The Role of Venture Capital Backing in Initial Public Offerings by : Thomas J. Chemmanur
Download or read book The Role of Venture Capital Backing in Initial Public Offerings written by Thomas J. Chemmanur and published by . This book was released on 2009 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We empirically distinguish between three possible roles of venture backing in IPOs: certification, where venture-backed IPOs are priced closer to intrinsic firm value than non-venture backed IPOs due to venture capitalists' concern for their reputation; screening and monitoring, where VCs are able to either select better quality firms to back (screening), or help create such higher quality firms by adding value to them (monitoring) in the pre-IPO stage; and market power, where venture capitalists attract a greater number and higher quality of market participants such as underwriters, institutional investors, and analysts to an IPO, thus obtaining a higher valuation for the IPOs of firms backed by them. We argue that IPO underpricing is not the most appropriate measure to evaluate the role of venture backing in IPOs. Instead, we compare four sets of more direct measures between VC backed and non-VC backed (and between high-reputation VC backed and low-reputation VC backed) IPOs. The evidence strongly rejects the certification hypothesis, while finding considerable support for the market power hypothesis and some support for the screening and monitoring hypothesis. We find that venture capitalists attract higher quality market participants to the IPOs of firms backed by them, thus increasing the heterogeneity in investor beliefs about these firms, resulting in higher valuations for the equity of these firms (both in the IPO and in the secondary market immediately following the IPO).
Book Synopsis Institutional Affiliation and the Role of Venture Capital by : Yasushi Hamao
Download or read book Institutional Affiliation and the Role of Venture Capital written by Yasushi Hamao and published by . This book was released on 1998 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The presence of venture capital in the ownership structure of U.S. firms going public has been associated with both improved long-term performance and lower underpricing at the time of the IPOs. In Japan, we find the long-run performance of venture capital-backed IPOs to be no better than that of other IPOs, with the exception of firms backed by foreign owned or independent venture capitalists. Many of the major venture capital firms in Japan are subsidiaries of securities firms that may face a conflict of interest when underwriting the venture capital-backed issue. When venture capital holdings are broken down by their institutional affiliation, we find that firms with venture backing from securities company subsidiaries do not perform significantly worse over a three-year time horizon than other IPOs. On the other hand, we find that IPOs in which the lead venture capitalist is also the lead underwriter have higher initial returns than other venture capital-backed IPOs. The latter result suggests that conflicts of interest influence the initial pricing, but not the long-term performance, of initial public offerings in Japan"--Abstract
Author :William D. Bygrave Publisher :Financial Times Prentice Hall (a Pearson Education Company) ISBN 13 : Total Pages :390 pages Book Rating :4.3/5 ( download)
Book Synopsis The Venture Capital Handbook by : William D. Bygrave
Download or read book The Venture Capital Handbook written by William D. Bygrave and published by Financial Times Prentice Hall (a Pearson Education Company). This book was released on 1999 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture Capital Handbook covers everything you need to know about raising venture capital. Whether you are starting a business, buying a business, or seeking capital to expand an existing business. this book will show you how. You'll learn how to approach the right venture capital firm, and the details you'll need to prepare a winning presentation that will capture the attention of potential venture capitalists. This handbook systematically covers the presentation of the proposal, the meeting and negotiations that follow, the commitment letter that puts the business agreement in writing, the dreaded due dilligence performed by the venture capitalist of your business, the legal closing, the long relationship with the investors, and the exit. Venture Capital Handbook gives you the inside information of what the venture capitalist really wants from you. You'll get advice on how to answer every question the venture capitalist asks. You will learn why some entrepreneurs fail in the process of raising money, while others build their dream business into a financial success. Anyone who wants to be thoroughly prepared for the process of raising venture capital should read this detailed handbook. It is a tremendous resource that will be referred to at every step of the process of finding the money for your business.
Book Synopsis Handbook of Research on Venture Capital by : Hans Landstr”m
Download or read book Handbook of Research on Venture Capital written by Hans Landstr”m and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis exciting second volume of cutting-edge research on venture capital takes up where volume one leaves off, bringing greater depth to topics covered in the first volume (such as angel investing) and adding new topics and insights. It poses interesting questions such as Ð Is venture capital in crisis? Are new models of early investing needed? Ð and offers carefully researched answers. Landstršm and Mason provide insightful commentary and skillfully pinpoint the contributions of a talented set of researchers. Both scholars and practitioners of venture capital will want to read this book.Õ Ð Harry J. Sapienza, University of Minnesota, US ÔThe second edition of the Handbook of Research on Venture Capital provides an important guidepost for venture capital researchers. As Landstršm and Mason point out, the nature of venture capital has changed dramatically over the last ten years. The asset class as a whole has failed to return principal and the old model is under tremendous strain. The contributors nicely highlight many of these changes, especially how venture capital has scaled beyond the US. For those of us active in venture capital research, the chapters raise many interesting research questions that deserve further attention.Õ Ð Andrew Zacharakis, Babson College, US This Handbook charts the development of venture capital research in light of the global financial crisis, starting with an analysis of the current venture capital market and the changing nature of the business angel market. Looking at governance structures, the performance of venture capitalists in terms of investments, economic impact and human capital, and the geographical organization of business angels and venture capital global ÔhotspotsÕ, this book also analyses the current state of venture capital research and offers a roadmap for the future.
Download or read book Startup VC - Guide written by Jason Thiel and published by BoD – Books on Demand. This book was released on 2021 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Finding Your Wings by : Gerald A. Benjamin
Download or read book Finding Your Wings written by Gerald A. Benjamin and published by . This book was released on 1996-08-30 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Finding Your Wingsthe only book of its kind - Gerald A. Benjamin and Joel Margulis provide you with a roadmap to guide you to your private angel.
Book Synopsis Venture Capital and Initial Public Offering by : Weicheng Wang
Download or read book Venture Capital and Initial Public Offering written by Weicheng Wang and published by . This book was released on 2010 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Initial Public Offerings by : Michelle Lowry
Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.
Book Synopsis Venture Capital and Public Offering Negotiation by : Michael J. Halloran
Download or read book Venture Capital and Public Offering Negotiation written by Michael J. Halloran and published by Aspen Publishers. This book was released on 1992 with total page 1160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings Growth and Underpricing with Venture Capitalist Backed Initial Public Offerings by : Elke J.E. Klaassen
Download or read book Earnings Growth and Underpricing with Venture Capitalist Backed Initial Public Offerings written by Elke J.E. Klaassen and published by . This book was released on 2007 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature on the certification role of venture capitalists in initial public offerings (IPOs) is mixed and quite often no significant effect is found. Similarly, we find no significant effect of venture capitalists on IPO-underpricing in The Netherlands, if we study the impact of venture capitalists on all IPOs. However, underpricing is affected positively in venture capital backed companies that exhibit large net earnings growth and negatively in venture capital backed companies that exhibit small net earnings growth. The large underpricing of large net earnings growth companies suggests that informed insiders are not impressed by past net earnings of venture capital backed IPOs, but that past net earnings growth attracts less informed investors to bid fiercely for the shares after the IPO.
Book Synopsis Venture Capital and Risk Management by : Charles E. Bamford
Download or read book Venture Capital and Risk Management written by Charles E. Bamford and published by . This book was released on 2014 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes a sample of initial public offerings (IPOs) to examine the sources of firm-specific risk associated with investment by venture capitalists. The results indicate that IPO backing by venture capitalists is associated with risk factors related to operating profit margins and ongoing sales generation, but not operational financing. The results also indicate that venture-backed IPOs are associated with greater reductions in firm-specific risk over the course of a year that includes the date of the IPO. In sum, the findings suggest venture capitalists are willing to accept higher levels of risk in those instances where they might have an advantage in terms of managerial skill or are able to reduce firm-specific risk subsequent to investment in order to maximize returns when they cash out. The study also makes use of proxies that are representative of the ex-ante nature of firm-specific risk at the time of a new issue.
Book Synopsis Venture Capitalist Certification in Initial Public Offerings by : Kathleen Weiss Hanley
Download or read book Venture Capitalist Certification in Initial Public Offerings written by Kathleen Weiss Hanley and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides support for the certification role of venture capitalists in initial public offerings. Consistent with the certification hypothesis, a comparison of venture capital backed IPOs with a matched control sample of nonventure capital backed IPOs from 1983 through 1987 matched as closely as possible by industry and offering size indicates that venture capital backing results in significantly lower initial returns and gross spreads. In effect, the presence of venture capitalists in the issuing firms serves to lower the total costs of going public and to maximize the net proceeds to the offering firm. In addition, we document that venture capitalists retain a significant portion of their holdings in the firm after the IPO.
Book Synopsis Initial Public Offerings, Subscription Precommitments and Venture Capital Participation by : Hans Jeppsson
Download or read book Initial Public Offerings, Subscription Precommitments and Venture Capital Participation written by Hans Jeppsson and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Past empirical research has shown that subscription precommitments by large blockholders can help certify firm value in new equity issues and influence the subscription decisions of small, relatively uninformed investors. This paper examines the role of insider participation by venture capitalists in initial public offerings and the association with price revisions during the bookbuilding period, the likelihood of completing the IPO and ownership retention in the post-IPO period. Using a hand-collected sample of 311 U.S. venture-backed firms going public during 2003-2016 and controlling for endogeneity in the choice to participate in the IPO, this study finds support for the certification role by venture capitalists during the IPO process. Insider participation in the S-1 filing is associated with smaller offer price revisions and positively associated with the offering being completed. A detailed analysis of ownership data in the post-IPO period documents that insider participation in the IPO is associated with a continuing role as shareholders in the years after going public, which is consistent with the certification hypothesis. This paper sheds new light on the role of venture capitalists in the IPO process.
Book Synopsis Venture Capital and Public Offering Negotiation by :
Download or read book Venture Capital and Public Offering Negotiation written by and published by . This book was released on 1992 with total page 802 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trading and Exchanges by : Larry Harris
Download or read book Trading and Exchanges written by Larry Harris and published by OUP USA. This book was released on 2003 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on market microstructure, Harris (chief economist, U.S. Securities and Exchange Commission) introduces the practices and regulations governing stock trading markets. Writing to be understandable to the lay reader, he examines the structure of trading, puts forward an economic theory of trading, discusses speculative trading strategies, explores liquidity and volatility, and considers the evaluation of trader performance. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).
