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Venture Capital and Innovation Impact on Initial Public Offerings in the United Kingdom.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Venture Capital and Innovation Impact on Initial Public Offerings in the United Kingdom./
Author:	de Oliveira, Ricardo Filipe dos Santos Franco.
Description:	1 online resource (58 pages)
Notes:	Source: Masters Abstracts International, Volume: 85-11.
Contained By:	Masters Abstracts International85-11.
Subject:	Power. -
Online resource:	click for full text (PQDT)
ISBN:	9798382532400

Venture Capital and Innovation Impact on Initial Public Offerings in the United Kingdom.
de Oliveira, Ricardo Filipe dos Santos Franco.

Venture Capital and Innovation Impact on Initial Public Offerings in the United Kingdom. - 1 online resource (58 pages)

Source: Masters Abstracts International, Volume: 85-11.

Thesis (M.A.)--Universidade do Porto (Portugal), 2018.

Includes bibliographical references

Venture capitalists usually invest in technologic, young and growth companies and frequently lead them to an initial public offering, where they tend to liquidate their investments using the going public process as an exit route. We investigate the impact of such investments in one of the biggest IPO anomalies, the underpricing. Additionally, we also test if the industries known to be technologically intensive suffer from greater underpricing. We conduct our investigation using a sample of 639 IPOs in the United Kingdom between 2004 and 2016. Following the lack of the high technological industry significance to explain underpricing in past studies, we could not find any evidence of explicative power of those specific industries. Contrary to most of the literature on the venture capital backed IPOs, we found evidence that the venture capital backed issues are more underpriced than the remaining issues. To address that interesting outcome, we test the hypothesis that the greater underpricing results from the investors' expectation of a better operating performance in the post-IPO period provided by the venture capitalists specialization. In fact, using a matching-firm methodology, we found that the venture capital backed companies present better operating performance, at least, 3 years after the IPO.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798382532400Subjects--Topical Terms:

999190
Power.
Index Terms--Genre/Form:

554714
Electronic books.

Venture Capital and Innovation Impact on Initial Public Offerings in the United Kingdom.
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500 $a Source: Masters Abstracts International, Volume: 85-11.
500 $a Advisor: Sousa, Miguel.
502 $a Thesis (M.A.)--Universidade do Porto (Portugal), 2018.
504 $a Includes bibliographical references
520 $a Venture capitalists usually invest in technologic, young and growth companies and frequently lead them to an initial public offering, where they tend to liquidate their investments using the going public process as an exit route. We investigate the impact of such investments in one of the biggest IPO anomalies, the underpricing. Additionally, we also test if the industries known to be technologically intensive suffer from greater underpricing. We conduct our investigation using a sample of 639 IPOs in the United Kingdom between 2004 and 2016. Following the lack of the high technological industry significance to explain underpricing in past studies, we could not find any evidence of explicative power of those specific industries. Contrary to most of the literature on the venture capital backed IPOs, we found evidence that the venture capital backed issues are more underpriced than the remaining issues. To address that interesting outcome, we test the hypothesis that the greater underpricing results from the investors' expectation of a better operating performance in the post-IPO period provided by the venture capitalists specialization. In fact, using a matching-firm methodology, we found that the venture capital backed companies present better operating performance, at least, 3 years after the IPO.
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