Underpricing of Venture-Backed and Non Venture-Backed IPOS: Germany's Neuer Market

Topics:
Incentives and Compensation,
Venture Capital
Tags:
Balance Sheets,
University Of Toronto,
Pricing Strategy,
Pricing,
Marketing Research,
Marketing,
Germany,
Financing Startups,
Financial Statements,
Financial Accounting,
...
Source:
University of Toronto

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Overview: This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany's Neuer Markt between March 1997 and March 2002. One examine whether these three types of issues differ with regard to issuer characteristics, balance sheet data or offering characteristics. Moreover, this empirical study contributes to the under pricing literature by focusing on the complementary or rather competing role of venture capitalists and underwriters in certifying the quality of a company when going public, either in a bull or in a bear market.

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Format: PDF | Size: 146KB | Date: May 2002 | Pages: 38

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