IPO

Stabilization Activity in Italian IPOs

Venture Capital 2.0: From Venturing to Partnering

Against the backdrop of an ever-changing financial landscape sometimes characterized by an abundance of funding and start-up opportunities, but usually characterized by down rounds and decreasing valuations (leading to funding,...

Are Women Undervalued? Board Gender Diversity and IPO Underpricing

We show that investor preferences for diversity have had a significant effect on the initial returns earned by U.S. firms going public with gender diverse boards over the past decade. There is no difference in economic fundamentals such...

Public Information and IPO Underpricing

We analyze the effect of public information on rational investors' incentives to reveal private information during the bookbuilding process and their demand for allocations in the IPO. Our model generates several new predictions....

Do Founders Control Start-Up Firms that Go Public?

Black & Gilson (1998) argued that an IPO-welcoming stock market stimulates venture deals by enabling VCs to give founders a valuable “call option on control”. We study 18,000 startups to investigate the value of this option....

Quid Pro Quo in IPOs: Why Book-building is Dominating Auctions

The U.S. Listing Gap

The U.S. had 14% fewer exchange-listed firms in 2012 than in 1975. Relative to other countries, the U.S. now has abnormally few listed firms given its level of development and the quality of its institutions. We call this the ?U.S. listing...

The Role of "Expert Reviewers" in Private Capital Markets

We study initial coin offerings (ICOs) to understand how an unregulated market overcomes information frictions and...

VC Board Representation and IPO Performance

This paper studies the impact of five dimensions of venture capitalist (VC) power on the likelihood of VC board representation in their portfolio firms at the initial public offering (IPO) as well as the effect of the latter on IPO...

Eclipse of the Public Corporation or Eclipse of the Public Markets?

Since reaching a peak in 1997, the number of listed firms in the U.S. has fallen in every year but one. During this same period, public firms have been net purchasersof $3.6 trillion of equity (in 2015 dollars) rather than net issuers....

Why are the levels of control (so) different in German and UK companies? Evidence from initial public offerings

Venture Capital Reputation, Post-IPO Performance and Corporate Governance