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    题名: Do Venture Capitalists Improve the Operating Performance of IPOs?
    作者: Chen, Hung-Kun;Liang, Woan-lih
    关键词: Venture capital;Operating performance;Initial public offering
    日期: 2016-07
    上传时间: 2016-11-05 02:10:51 (UTC+8)
    出版者: Elsevier BV
    摘要: 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.
    關聯: International Review of Economics and Finance 44, pp.291-304
    DOI: 10.1016/j.iref.2015.12.009
    显示于类别:[財務金融學系暨研究所] 期刊論文

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