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An examination of new ventures going through the initial public offering: The impact of firm capabilities and characteristics on performance.

机译：通过首次公开募股对新企业的考察：企业能力和特征对绩效的影响。

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摘要

Entrepreneurship as a field of study generally focuses on the pursuit of new opportunities and the activities of firms engaged in bringing new ideas to financial fruition. Due to their liability of newness, growth and survival are never a certainty for new ventures; indeed, organizational failure is much more common. Those new ventures that do attain a modicum of success often seek to "go public" through an initial public offering (IPO) of their stock in order to raise additional capital. This three-essay dissertation examines the performance of a sample of new ventures both at the time of the IPO as well as one year hence. The first study examines how venture capitalists (VCs) assist their organizations during the post-IPO period. Results suggest that VCs assist their organizations in reacting better to identified threats. The second study examines the nature of the underwriting process and identifies when greater underpricing is expected. Results provide evidence that underwriters pursue greater underpricing when possible (likely in order to create loyalty among their institutional investors). On the other hand, we find that new ventures can mitigate the likelihood of underpricing by reducing their information asymmetry concerning the value of the venture and by demonstrating stronger insider representation on the board of directors. The third study examines how signals impact the new venture at the time of the IPO. We find that the lockup period is often used in lieu of other signals which may be unavailable (such as prestigious underwriter backing or venture capital backing). Ventures with higher uncertainty or performance problems at the time of the IPO can reduce investor uncertainty and concomitantly the amount of underpricing when the lockup period is extended.
机译：作为研究领域的企业家精神通常侧重于寻求新的机会以及从事将新想法带入财务成果的公司的活动。由于它们具有新颖性，因此对于新企业而言，增长和生存永远是不确定的。实际上，组织失败更为普遍。那些确实取得了一定成功的新企业通常会寻求通过其股票的首次公开募股（IPO）“上市”，以筹集更多资金。这篇三篇论文研究了首次公开募股（IPO）以及一年后的一年中新企业样本的表现。第一项研究考察了风险资本家（VC）在首次公开募股后期间如何协助其组织。结果表明，风险投资人可以帮助其组织更好地应对已识别的威胁。第二项研究检查了承销过程的性质，并确定了何时预计会有更大的定价不足。结果提供了证据，证明承销商在可能的情况下追求更大的定价偏低（可能是为了在其机构投资者中建立忠诚度）。另一方面，我们发现，新企业可以通过降低有关企业价值的信息不对称性以及在董事会中表现出更强的内部人代表权来减轻定价偏低的可能性。第三项研究考察了信号在首次公开募股时如何影响新企业。我们发现锁定期通常用于代替其他可能不可用的信号（例如享有声望的承销商支持或风险资本支持）。首次公开募股时具有较高不确定性或性能问题的企业可以减少投资者的不确定性，并可以延长锁定期，从而降低定价不足的数量。

著录项

  • 作者

    Arthurs, Jonathan D.;

  • 作者单位

    The University of Oklahoma.;

  • 授予单位 The University of Oklahoma.;
  • 学科 Business Administration Management.; Economics Finance.
  • 学位 Ph.D.
  • 年度 2004
  • 页码 131 p.
  • 总页数 131
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 贸易经济;财政、金融;
  • 关键词

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