TY  - UNPD
A1  - Tykvová, Tereza
A1  - Walz, Uwe
T1  - Are IPOs of different VCs different?
T2  - Zentrum für Europäische Wirtschaftsforschung (Mannheim): Discussion paper ; No. [20]04,32 : International finance, financial management and macroeconomics
N2  - This paper sets out to analyze the influence of different types of venture capitalists on the performance of their portfolio firms around and after IPO. We investigate the hypothesis that different governance structures, objectives, and track records of different types of VCs have a significant impact on their respective IPOs. We explore this hypothesis using a data set embracing all IPOs that have occurred on Germany's Neuer Markt. Our main finding is that significant differences among the different VCs exist. Firms backed by independent VCs perform significantly better two years after IPO as compared to all other IPOs, and their share prices fluctuate less than those of their counterparts in this period of time. On the contrary, firms backed by public VCs show relative underperformance. The fact that this could occur implies that market participants did not correctly assess the role played by different types of VCs.
KW  - Deutschland
KW  - Risikokapital
KW  - Going Public
KW  - Neuer Markt
KW  - Venture Capital
KW  - Initial Public Offerings
KW  - Long-Run Performance
KW  - Underpricing
KW  - Heterogeneit
Y1  - 2004
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/36071
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-360717
UR  - ftp://ftp.zew.de/pub/zew-docs/dp/dp0432.pdf
IS  - April 2004
PB  - Zentrum für Europ. Wirtschaftsforschung
CY  - Mannheim
ER  -