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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/108178

    Title: Do Venture Capitalists Improve the Operating Performance of IPOs?
    Authors: Chen, Hung-Kun;Liang, Woan-lih
    Keywords: Venture capital;Operating performance;Initial public offering
    Date: 2016/07
    Issue Date: 2016-11-05 02:10:51 (UTC+8)
    Publisher: Elsevier BV
    Abstract: This paper uses rigorous measures of operating performance and a sample extending into the post 2000 period to reexamine the performance of venture capital (VC) backed initial public offerings (IPOs). We find that the VC backed IPOs underperform non-VC backed IPOs, especially when firms have high excess cash, and propose that the higher excess cash retained in VC backed firms at IPO date may result in wasteful investment. Post-IPO real investment also confirms this notion. Further, our result holds whether or not VCs are on the board after the IPO date. Overall, our study supports the overinvestment hypothesis.
    Relation: International Review of Economics and Finance 44, pp.291-304
    DOI: 10.1016/j.iref.2015.12.009
    Appears in Collections:[財務金融學系暨研究所] 期刊論文

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