Institutional Affiliation and the Role of Venture Capital: Evidence From Initial Public Offerings in Japan

Topics:
Commercial Banking
Tags:
Business Operations,
University Of Hawaii,
Training And Certification,
Quality,
Japan,
IPO,
Investment,
Financing Startups,
Financial Services,
Financial Planning,
...
Source:
University of Hawaii

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Overview: The presence of venture capital in the ownership structure of U.S. firms going public has been associated with both improved long-term performance and superior "certification" at the time of the IPOs. Many of the major venture capital firms in Japan are subsidiaries of securities firms that may face a conflict of interest when underwriting the venture capital-backed issue. This paper presents tests of the "certification" and "conflict of interest" hypotheses.

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Format: PDF | Size: 108KB | Date: Mar 2000 | Pages: 43

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