VENTURE CAPITAL,IPO UNDERPRICING,AND GOING-PUBLIC DECISIONS

摘要：

We present an analysis of venture capital,going-public decisions,and IPO underpricing. An entrepreneur can either commercialize an innovation --- implement a project --- himself or sell it to a long purse-I.e. a firm with the resources to undertake the project. Entrepreneurs that have both high quality innovations and good managerial skills implement their innovations themselves --- with financing from the public equity market --- otherwise,the innovations are sold. While venture capitalists and angel investors may provide financing in the conception phase of projects,venture capitalist also help entrepreneurs develop their managerial skills and the organizational infrastructure needed to implement their projects. A variety of empirical implications follow from our model.

作者: George Kanatas Chris Stefanadis

作者单位: Jones School of Management - MS 531,Rice University,6100 Main Street,Houston,TX 77005 Dept.of Agricultural and Resource Economics,University of Arizona,Chavez Building,1110 E North Campu

会议类型: 国际会议

会议名称: 2007年中国国际金融年会

会议地点: 成都

会议语种:英文

在线出版日期: 2007-07-09（万方平台首次上网日期，不代表论文的发表时间）