Please use this identifier to cite or link to this item: https://doi.org/10.1016/S0378-4266(02)00317-5
Title: Effects of venture capitalists' participation in listed companies
Authors: Wang, C.K. 
Wang, K.
Lu, Q. 
Keywords: IPO
Singapore
Venture capital
Issue Date: 2003
Citation: Wang, C.K., Wang, K., Lu, Q. (2003). Effects of venture capitalists' participation in listed companies. Journal of Banking and Finance 27 (10) : 2015-2034. ScholarBank@NUS Repository. https://doi.org/10.1016/S0378-4266(02)00317-5
Abstract: We empirically examine the effects of venture capital (VC) firms on VC-backed listed companies in Singapore. While previous studies have shown the VC value-added in lower underpricing and better post-IPO operational performance of VC-backed IPOs, we find the effects of venture capitalists' participation are very complicated. Most significantly, the post-IPO operating performance of VC-backed companies is inferior though they are less underpriced. The finding supports both the certification model and the adverse selection model. Furthermore, we find that IPOs backed by older VC firms perform better, supporting the grandstanding model that younger VC firms bring their portfolios to the market prematurely. © 2002 Elsevier B.V. All rights reserved.
Source Title: Journal of Banking and Finance
URI: http://scholarbank.nus.edu.sg/handle/10635/44324
ISSN: 03784266
DOI: 10.1016/S0378-4266(02)00317-5
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