The sharemarket performance of Australian venture capital-backed and non-venture capital-backed IPOs

Pacific Basin Finance Journal

Volumn 11, Issue 2, 2003, Pages 197-218

  da Silva Rosa, Ray ^a   Velayuthen, Gerard ^b   Walter, Terry ^c  

^a UNIVERSITY OF WESTERN AUSTRALIA   (Australia)

^b UNIVERSITY OF SYDNEY   (Australia)

^c UNIVERSITY OF NEW SOUTH WALES   (Australia)

Author keywords

IPO; Long run performance; Underpricing; Venture capital

Indexed keywords

EID: 0037375022     PISSN: 0927538X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0927-538X(02)00114-2     Document Type: Article

References (22)

1. Barber, B., Lyon, J., 1997. Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics 43, 341-372.
2. Barry, C., Muscarella, C., Peavy III, J., Vetsuypens, M., 1990. The role of venture capital in the creation of public companies: Evidence from the going public process. Journal of Financial Economics 27, 447-471.
3. Brav, A., Gompers, P., 1997. Myth or reality? The long-run underperformance of IPOs: Evidence from venture and nonventure capital-backed companies. Journal of Finance 52, 1791-1821.
4. Carter, R., Manaster, S., 1990. Initial public offering and underwriter reputation. Journal of Finance 45, 1045-1067.
5. Carter, R., Dark, F., Singh, A., 1998. Underwriter reputation, initial returns, and long-run performance of IPO stocks. Journal of Finance 53, 285-311.
6. Doukas, J., Halit, G., 2000. Long-term performance of IPOs: venture capitalists and the reputation of investment bankers. Working Paper. Old Dominion University and Hacettepe University.
7. Fama, E., French, K., 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33, 3-56.
8. Field, L., 1997. Is institutional investment in IPOs related to the long-run performance of these firms? Working Paper. Penn State University.
9. Gompers, P., 1995. Venture capitalists and the oversight of private firms. Journal of Finance 50, 301-318.
10. Gompers, P., Lerner, J., 1999. Conflict of interest in the issuance of public securities: Evidence from venture capital. Journal of Law and Economics 42, 1-28.
11. Habib, M., Ljungqvist, A., 1998. Underpricing and IPO proceeds: A note. Economics Letters 61, 381-383.
12. Habib, M., Ljungqvist, A., 1999. Underpricing and entrepreneurial wealth losses: Theory and evidence. Working paper. London Business School and University of Oxford.
13. Hamao, Y., Packer, F., Ritter, J., 2000. Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan. Pacific Basin Finance Journal 8, 529-558.
14. How, J., 2000. Initial and long-run performance of mining IPOs in Australia. Australian Journal of Management 25, 95-118.
15. Lee, P., Taylor, S., Walter, T., 1996. Australian IPO pricing in the short and long run. Journal of Banking and Finance 20, 1189-1210.
16. Loughran, T., Ritter, J., 1995. The new issues puzzle. Journal of Finance 50, 23-52.
17. Lyon, J., Barber, B., Tsai, C., 1999. Improved methods for tests of long-run abnormal stock returns. Journal of Finance 54, 165-201.
18. Megginson, W., Weiss, K., 1991. Venture capitalist certification in IPOs. Journal of Finance 46, 879-903.
19. Newey, W., West, K., 1987. A simple positive definite, heteroscedasticity and autocorrelation consistent covariance matrix. Econometrica 55, 703-705.
20. PricewaterhouseCoopers, 2000. Benchmarking Australian Institutional Investment in Domestic Venture Capital. Department of Industry, Science, and Resources, Canberra.
21. Ritter, J., 1991. The long-run performance of initial public offerings. Journal of Finance 42, 365-394.
22. Rock, K., 1986. Why new issues are underpriced. Journal of Financial Economics 15, 187-212.