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首页> 外文期刊>The North American journal of economics and finance >Diamonds in the rough: The value of scouting for early-stage funding
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Diamonds in the rough: The value of scouting for early-stage funding

机译：粗糙的钻石：用于早期资金的侦察的价值

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摘要

IPOs of small early-stage companies have largely declined in the last few decades. Governments and exchanges have responded with new regulations to encourage access for small firms to public markets. Critics caution, however, that lower standards for going public may be worse for investors. In this paper, we document one exchange's approach to encourage small IPOs: founders establish shell companies through which to scout and promote funding of early-stage companies. We find that founders earn compensatory returns for their search role, and that the average long-term performance of these companies is similar to that of small conventional IPOs, underscoring that conventional IPOs may fail to identify or screen companies of similar quality asymmetrically. Consistent with prior literature on small IPOs, the long-term post-IPO performance of both the conventional and alternative funding processes are highly right-skewed and poor, on average, but not statistically different.
机译：在过去的几十年里，小型早期公司的IPO在很大程度上下降。政府和交易所已答复新的规定，以鼓励小公司向公共市场获取。然而，批评者谨慎，投资者可能会更糟糕的公众标准可能更糟糕。在本文中，我们向一份交易所提出了一项交易所的方法，鼓励小型IPO：创始人建立了斯派公司，通过它来侦察培训和促进早期公司的资金。我们发现，创始人获得了他们的搜索角色获得了补偿退回，而这些公司的平均绩效与小型传统IPO的平均性能相似，强调传统的IPO可能无法识别或屏蔽类似的质量的公司。与小型IPO上的先前文献一致，传统和替代资金流程的长期IPO性能是高度右偏向的，平均差，但没有统计学不同。

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