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The Impact Of Venture Capitalists On The Demand For The External Audit Function In Initial Public Offerings
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Book Synopsis The Impact of Venture Capitalists on the Demand for the External Audit Function in Initial Public Offerings by : Suzanne G. Morsfield
Download or read book The Impact of Venture Capitalists on the Demand for the External Audit Function in Initial Public Offerings written by Suzanne G. Morsfield and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the interaction of a little-studied stakeholder - the venture capitalist (VC) - with the audit function in the initial public offering (IPO) market. While the monitoring role of the external auditor has been studied in the IPO accounting literature, a relatively recent stream of research has begun to provide insight regarding the impact on a firm's reporting and accounting decisions/quality of other potential monitors - e.g., boards of directors, actuaries, etc. Finance and accounting research have both provided evidence consistent with the notion that VCs play a value-added role in their investee firms. This paper contributes to this stream of study by providing first time evidence that in an IPO context a VC provides monitoring value incremental to that of the external auditor. Specifically, our evidence suggests that VCs not only mitigate the demand for information from the external auditor, but that they also weaken the demand for insurance from the external audit function. To our knowledge this result has not been previously documented.
Book Synopsis Dynamic Efficiency and Path Dependencies in Venture Capital Markets by : Andrea Schertler
Download or read book Dynamic Efficiency and Path Dependencies in Venture Capital Markets written by Andrea Schertler and published by Springer Science & Business Media. This book was released on 2003 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Initial Public Offerings by : Joseph Y. Lim
Download or read book Initial Public Offerings written by Joseph Y. Lim and published by Cfa Inst. This book was released on 1990-01-01 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Under what Conditions Do Venture Capital Markets Emerge by : Andrea Schertler
Download or read book Under what Conditions Do Venture Capital Markets Emerge written by Andrea Schertler and published by . This book was released on 2002 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Initial Public Offerings by : Research Foundation of CFA Institute
Download or read book Initial Public Offerings written by Research Foundation of CFA Institute and published by . This book was released on 1990-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Georg Rindermann Publisher :Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften ISBN 13 : Total Pages :226 pages Book Rating :4.F/5 ( download)
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 2000 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Auditor Credibility and Initial Public Offerings by : Krishnagopal Menon
Download or read book Auditor Credibility and Initial Public Offerings written by Krishnagopal Menon and published by . This book was released on 1989 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Venture Capital Backing on the Corporate Governance of Australian Initial Public Offerings by : Jo-Ann Suchard
Download or read book The Impact of Venture Capital Backing on the Corporate Governance of Australian Initial Public Offerings written by Jo-Ann Suchard and published by . This book was released on 2008 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores the role of venture capitalists on investee boards at the time of listing for 552 initial public offerings. Australian board structures/mechanisms are more similar to those in the U.S/U.K but market activity characteristics are more similar to Japanese/German systems. Further, the Australian private equity market is relatively young compared to U.S and European markets. IPOs backed by venture capital have more independent boards, similar to U.S IPOs. Venture capitalists improve governance by using their networks to recruit specialist independent directors with industry experience.
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 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 1983 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does a Venture Capitalist Influence Auditor Going Concern Decisions? by : Geraldo Vasquez
Download or read book Does a Venture Capitalist Influence Auditor Going Concern Decisions? written by Geraldo Vasquez and published by . This book was released on 2017 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing number of firms that go public (e.g., IPO) are financially distressed often for several years of their initial existence, raising concerns about their ability to remain going concerns. Yet many IPOs do not receive going concern opinions (GCO) from their auditors who are charged with providing an assessment of their clients' going concern status. A key feature of the IPOs is that a significant proportion of them are financed by venture capitalists (VCs). Unlike conventional sources of financing, such as banks, a VC offers financial as well as non-financial support to the new firm such as mentorship, strategic guidance and network access. The VC also provides monitoring as a member of the board of directors. An auditor's assessment of its client's going concern situation includes an audit of its financial statements and, if the client is financially distressed and in danger of ceasing to be a going concern, a review of factors that may mitigate the need for a GCO. I hypothesize that going concern opinions are assessed less often to financially distressed IPOs because the VC's presence is viewed by the auditor as a factor that mitigates the need for a GCO. Thus, I explore whether the presence of a VC - in contrast to the presence of a banker - tempers the likelihood of issuance of a GCO to a financially distressed firm. I also explore whether varying degrees of involvement by a VC serve to mitigate an auditor's need to issue a GCO since VCs are not all equally effective in their roles. I find support for hypothesis (H1) that going concern opinions are assessed less often to financially distressed IPOs with venture capital backing than to those with other forms of financial backing (e.g., banker financing) and no support for hypothesis (H2) that the negative association between the presence of a VC and the issuance of a going concern opinion to a financially distressed IPO is stronger the greater the involvement of a VC. This study will inform industry regulators, concerned with transparency and the adequacy of financial disclosures, determine whether financial disclosure requirements should be enhanced to account for the presence of a VC . This study will also assist institutional and individual investors understand the risk that a VC-backed IPO may fail even when a GCO was not issued by an auditor.
Book Synopsis Vulture Capitalists Or Virtue Capitalists? by : Linda Ann Cyr
Download or read book Vulture Capitalists Or Virtue Capitalists? written by Linda Ann Cyr and published by . This book was released on 1998 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 2006 with total page 50 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.
Book Synopsis Top Management Team/entrepreneur Profile and Venture Capitalists in US Healthcare Initial Public Offerings by : Zeina Wilson dit Oscar Majdalani
Download or read book Top Management Team/entrepreneur Profile and Venture Capitalists in US Healthcare Initial Public Offerings written by Zeina Wilson dit Oscar Majdalani and published by . This book was released on 2009 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: The entrepreneurial organization founder is of primary interest in the context o f the restructuring of a company to public status (the public offering process). The presence and characteristics of the entrepreneur/founder are hypothesized t o add observable and measurable value to the firm when that person serves in a t op management position and is a feature taken into account by potential investor s or venture capitalists in the firm, along with characteristics of the board. In an effort to study the impact of demand determinants on venture capital invol vement and notably the top management team/founder characteristics, we examined 215 Initial Public Offerings in the US healthcare market and we were specificall y concerned to draw relationships between venture capital involvement, board ind ependence and founder/ entrepreneur characteristics and whether VC backed IPOs a re more likely to have experienced founders and more independent board from one side or more likely to have less entrenched founders and more independent boards from another side. The latter was done through descriptive statistics of the sample and subsamples involving venture and non-venture backed sections, as well as univariate and mul tivariate analyses which are described in the herein study.
Book Synopsis On the Role of Inexperienced Venture Capitalists in Taking Companies Public by : Alexander W. Butler
Download or read book On the Role of Inexperienced Venture Capitalists in Taking Companies Public written by Alexander W. Butler and published by . This book was released on 2013 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use venture-backed initial public offerings (IPOs) to identify and examine the comparative advantage of inexperienced venture capitalists. We argue that, vis-a-vis more established counterparts, younger venture capital firms have a comparative advantage at producing soft information about relatively opaque start-up companies due to their organizational structure. We then quantify an outcome mdash; IPO initial return mdash; from the matching of venture capitalists and start-up companies that demonstrates how this comparative advantage arises. Our findings thus reveal an important aspect of how inexperienced venture capitalists support start-up companies.
