IPO underpricing, wealth losses and the curious role of venture capitalists in the creation of public companies
Lower underpricing amongst venture-backed IPOs has been attributed to a certification role for venture capitalists. We argue that differences in underpricing per se are uninformative and possibly misleading when not controlling for differences in entrepreneurs' incentives to control underpricin...
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| Format: | Working paper |
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University of Oxford
1999
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