The Performance of Venture-Backed IPOs in Germany: Exit Strategies, Lock-up Periods, and Bank Ownership

Keywords

Initial public offering, Business, Lock (firearm), Financial system, Venture capital

References

• The Role of Lock-ups in Initial Public OfferingsAlon Brav — 2001
• Venture capital investments by IPO underwriters: Certification or conflict of interest?Xi Li, Ronald W. Masulis — 2004
• Renditen bei Börseneinführungen am deutschen KapitalmarktRichard Stehle, Olaf Ehrhardt — 1996
• Ist der Ablauf der Lock-up-Frist bei Neuemissionen ein kursrelevantes Ereignis? Eine empirische Analyse von Unternehmen des Neuen MarktesÉric Nowak, Alexandra Gropp — 2002
• The venture capital cyclePaul A. Gompers, Joshua Lerner — 1999
• What Makes Issuers Happy? Testing the Prospect Theory of IPO UnderpricingAlexander Ljungqvist, William J. Wilhelm — 2003
• Long-Run Performance of Initial Public Offerings: The Evidence for SwitzerlandWolfgang Drobetz, Matthias Kammermann, Urs Waelchli — 2005
• Over-allotment options in IPOs on Germany's Neuer Markt: An empirical investigationStefanie Franzke, Christian Schlag — 2003
• Banken, bankeigene Kapitalanlagegesellschaften und AktienemissionenTheodor Baums, Erik Theissen — 1999
• Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance: Evidence from IPOs in GermanyWolfgang Bessler — 2002
• Do All-Stars Shine? Evaluation of Analyst RecommendationsHemang Desai, Bing Liang, Ajai K. Singh — 2000
• Post-IPO Performance and the Exit of Venture CapitalistsTilo Kraus, Hans‐Peter Burghof — 2003
• The role of venture capital in the creation of public companies: Evidence from the going-public processChristopher B. Barry, Chris J. Muscarella, John W. Peavy — 1990
• The underwriting experience of commercial bank affiliates prior to the Glass-Steagall Act: A reexamination of evidence for passage of the actJames S. Ang, Terry Richardson — 1994
• Conflict of Interest in the Issuance of Public Securities: Evidence from Venture Capital*Paul A. Gompers, Josh Lerner — 1999
• Common risk factors in the returns on stocks and bondsEugene F. Fama, Kenneth R. French — 1993
• Why Don't Issuers Get Upset About Leaving Money on the Table in Ipos?Tim Loughran, Jay R. Ritter — 2002
• Commercial banks in investment banking conflict of interest or certification roleManju Puri — 1996
• The Effect of Banking Relationships on the Firm's IPO UnderpricingCarola Schenone — 2004
• INITIAL PUBLIC OFFERINGSRoger G. Ibbotson, Jody L. Sindelar, Jay R. Ritter — 1988

Cited by

• The evalutation of IPOs and its influence on a private firm's exit decisionAndrea Signori — 2014
• The Design and Success of Stock Options Plans for New Economy Firms in GermanyWolfgang Bessler, Christoph Becker, Daniil Wagner — 2009
• Initial Public Offerings in the Cyprus Stock ExchangeCleanthis Chandriotis — 2013
• Cash Holdings and Leverage of German Listed Firms – Evidence from 1992 to 2011Andreas Maximilian Killi, Marc Steffen Rapp — 2015
• Underpricing of Banks in Intermediary-Oriented Marketplaces: A Test of Baron’s Model on the Italian MarketMaria Gaia Soana, Massimo Regalli — 2010
• Corporate governance, professionalisation and performance of IPO firms : the role of founders and venture capitalistsRolf Christian Thiess — 2010
• The impact of lockup period on survival, long-run performance and earnings management of IPOs in UKWasim Ahmad — 2015
• The Impact of Social Networks on Inter-Organizational Effectiveness: The Case of IPO Deal NetworksSven C. Berger, Oliver Hinz — 2008
• A false perception? The relative riskiness of AIM and listed stocksJohn Board, Alfonso Dufour, Charles Sutcliffe — 2005
• Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance: Evidence from IPOs in GermanyWolfgang Bessler — 2002
• The Influence of the Reputation of Finance Intermediaries on IPO Underpricing in China Growth Enterprize Markets (GEM)Hui Wang, Zhou Zongfang, Heping Pan — 2012
• Economic Consequences of Private Equity Investments on the German Stock MarketAnn‐Kristin Achleitner, Christian Andrés, André Betzer — 2009
• Wealth effects of private equity investments on the German stock marketAnn‐Kristin Achleitner, Christian Andrés, André Betzer — 2011
• Advice and monitoring in venture financeDouglas J. Cumming, Sofia Johan — 2007
• The performance of venture-backed IPOs in EuropeWolfgang Bessler, Martin Seim — 2012
• Global Growth from an Investor’s Point of View - Initial Public Offerings in the Fashion and Accessories IndustryS. Meinshausen, Dirk Schiereck, Christian Flore — 2015
• Canadian IPO Share ReleasesLawrence Kryzanowski, Siyi Liang — 2008
• Does acquiring venture capital pay off for the funded firms? A meta-analysis on the relationship between venture capital investment and funded firm financial performanceNina Rosenbusch, Jan Brinckmann, Verena Müller — 2013
• Conflicts of Interest and Research Quality of Affiliated Analysts in the German Universal Banking System: Evidence from IPO UnderwritingWolfgang Bessler, Matthias Stanzel — 2009
• Why are the French so Different from the Germans? Underpricing of IPOs on the Euro New MarketsMarc Goergen, Arif Khurshed, Luc Renneboog — 2009

Related papers

• Can Venture Capital Funds Pick Winners? Evidence from Pre-IPO Survival Rates and Post-IPO PerformanceHedva Ber, Yishay Yafeh — 2004
• INITIAL PUBLIC OFFERINGS AND PRE-IPO SHAREHOLDERS: ANGELS VERSUS VENTURE CAPITALISTSWilliam C. Johnson, Jeffrey Sohl — 2012
• Analysis on VC's Backgrounds' Impact on GEM's IPOWei Chen — 2012
• Conflicts of Interest and the Performance of Venture Capital-backed IPOs: a preliminary look at the UKSusanne Espenlaub, Ian Garrett, Wei Peng Mun — 1999
• Is venture capital worth it? Effects on firm performance and founder returnsJuan Florín — 2005
• Do venture capitalists reduce underpricing and underperformance of IPOs?Yacine Belghitar, Rob Dixon — 2012
• The role of venture capital in Italian IPOsLuca Pennacchio — 2013
• Analysis on VC's Heterogeneities' Impact on SME's IPOChen Wei, Lijuan Cao — 2013
• Do M&A exits have the same effect on venture capital reputation than IPO exits?Salma Ben Amor, Maher Kooli — 2020