TY  - UNPD
A1  - Franzke, Stefanie A.
T1  - Underpricing of venture-backed and non venture-backed IPOs : Germany's Neuer Markt
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2001,01
N2  - This paper analyzes a comprehensive data set of 108 non venture-backed, 58 venture-backed and 33 bridge financed companies going public at Germany s Neuer Markt between March 1997 and March 2000. I examine whether these three types of issues differ with regard to issuer characteristics, balance sheet data or offering characteristics. Moreover, this empirical study contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and underwriters in certifying the quality of a company when going public. Companies backed by a prestigious venture capitalist and/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex-ante uncertainty. This study provides evidence to the contrary: VC-backed IPOs appear to be more underpriced than non VCbacked IPOs.
T3  - CFS working paper series - 2001, 01 
KW  - Accounting for Financial Instruments in the Banking Industry: Conclusions from a Simulation Model
KW  - Deutschland
KW  - Börsenzulassung
KW  - Going Public
KW  - Wertpapieremission
KW  - Unternehmensgründung
KW  - Risikokapital
KW  - Börsenkurs
KW  - Kapitalertrag
KW  - Kapitalgewinn
KW  - Schätzung
KW  - Neuer Markt <Börse>
KW  - Neuer Markt
KW  - New Economy
KW  - Geschichte 1997-2000
Y1  - 2001
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4396
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-10962
N1  - First Version: February 26, 2001 This Version: September 22, 2001
IS  - September 22, 2001
ER  -