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标题:Grandstanding, certification and the underpricing of venture capital backed IPOs
时间:2019-02-10 20:52:12
DOI:10.1016/j.jfineco.2003.09.003
作者:Lee, Peggy M;Wahal, Sunil
出版源: 《Journal of Financial Economics》 ,2004 ,73 (2) :375-407
摘要:We examine the role of venture capital backing in the underpricing of IPOs. Controlling for endogeneity in the receipt of venture funding, we find that ven...
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页数:34 PAGES
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目录:
  • Grandstanding, certification and the underpricing of venture capital backed IPOs
    • Introduction
    • Data
    • Results
      • Unadjusted first-day returns
      • Endogeneity: theory and evidence
      • Selection bias adjusted estimates
        • A methodological solution
        • First-day return differences
      • Robustness issues
        • Alternative specifications
        • An alternative methodology
      • A different dependent variable
    • Explaining the underpricing differential
      • Institutional structure and grandstanding arguments
      • Basic grandstanding regressions
      • Grandstanding and IPO characteristics
    • Robustness issues and alternative explanations
      • Issues with the dependent variable
      • Independent variables and specifications issues
      • Alternative explanations
    • Conclusion
    • References

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