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 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany´s Neuer Markt between March 1997 and March 2002. 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 analysis provides evidence to the contrary: VC-backed IPOs appear to be more underpriced than non VC-backed IPOs.
T3  - CFS working paper series - 2001, 01 r 
KW  - Venture Capital
KW  - Underwriter
KW  - Initial Public Offering
KW  - Underpricing
KW  - Neuer Markt
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  - 2003
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4517
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-9785
N1  - First Version: February 26, 2001 ; Version: November 6, 2003
IS  - Version: November 6, 2003
ER  -