1,721,027 research outputs found
The role of venture capital in Italian IPOs
No full textThis paper analyses the role of venture capitalists in Italian Initial Public Offerings (IPOs), Between 1999 and 2012 venture capital backed IPOs are on average less underpriced than non-venture backed IPOs, By using a regression-based approach to account for the non-random distribution of venture financing across firms. I show that the lower underpricing of IPOs venture capital backed is actually due to the causal effect of venture financing. The result is consistent with the certification hypothesis, that is. certifying that the value of issuing firms reflects all relevant inside information, venture capital backing reduces the asymmetric information problem that arises in the IPO process
The causal effect of venture capital backing on the underpricing of Italian initial public offerings
No full textThis paper investigates the role of venture capitalists in Italian Initial Public Offerings (IPOs). Between 1999 and 2012, venture capital (VC) backed IPOs are on average less underpriced than non-VC-backed IPOs. By using both matching methods and a regression-based approach to account for the non-random distribution of venture financing across firms, the analysis shows that underpricing difference is actually due to the causal effect of VC backing and that the raw comparison of the average underpricing between the two types of IPOs underestimates such effect. The result is consistent with the certification hypothesis, that is, having certified that the value of issuing firms would reflect all relevant inside information, VC backing will reduce the information asymmetry that arises in the IPO process and the cost of going public. © 2014 Taylor & Francis
L’interscambio commerciale del settore manifatturiero tra le ripartizioni geografiche del paese
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The impact of family ownership on firm R&D investment and the moderating role of banks and private equity.
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