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研究生:林璟如
研究生(外文):LIN, JING-RU
論文名稱(外文):Underpricing and Stock Market Performance of Venture Capital Backed IPO
指導教授:余曉靜
指導教授(外文):YU, XIAO-JING
口試委員:溫秀英林文昌
口試委員(外文):Wen, SHIOW-YINGLIN, WEN-CHANG
口試日期:2017-06-15
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:英文
論文頁數:56
中文關鍵詞:創投
外文關鍵詞:Venture capitalIPO
相關次數:
  • 被引用被引用:0
  • 點閱點閱:114
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We examine the influence of international VCs’ involvement and information asymmetry issues on underpricing and stock performance. We focus on U.K market and use the IPO sample from 1995-2014. Consistent with previous studies, we find that the involvement of international venture capitals can reduce the information asymmetry and then cause the lower extent of underpricing, but its impact on the future performance of the PCs cannot be sufficient proof.
CONTENTS
1. Introduction 1
2. Literature Review and Hypothesis Development 4
2.1 The characteristic of venture capital 4
2.2 The characteristics of private company 7
2.3 IPO underpricing 7
2.4 Stock performance 8
3. Data and Methodology 9
3.1. Data Collection and Sources 9
3.2. Definition of Variables 11
3.2.1. Venture Capital Characteristic 11
3.2.2. Private Company Characteristic 12
3.2.3. Information asymmetry problems 12
3.2.4. Control Variables 15
3.3. Methodology 15
3.3.1. Control for Endogeneity 15
3.3.2. The Effect on Underpricing 16
4.1. Data Description and Summary Statistics 21
4.1.1. Data Description 21
4.2. Results 25
4.2.1. Correlation of variables 25
4.2.2. The impact on underpricing of the overall sample 30
4.2.3. Alternative Explanation of the Main Analysis 33
4.2.4. The Effect on Underpricing in Hot and Cold Period 34
4.2.5. The effect on the long term performance-buy and hold return 37
4.2.6. The effect on long term performance- wealth relatives 37
5. Conclusion 42
References 43
AppendixⅠ 49
AppendixⅡ 53


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