메뉴 건너뛰기




Volumn 10, Issue , 2004, Pages 201-230

UNDERPRICING OF VENTURE-BACKED AND NON VENTURE-BACKED IPOS: GERMANY'S NEUER MARKT

(1)  Franzke, Stefanie A a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords


EID: 33644801798     PISSN: 15693732     EISSN: None     Source Type: Book Series    
DOI: 10.1016/S1569-3732(04)10009-1     Document Type: Review
Times cited : (15)

References (46)
  • 1
    • 85120235919 scopus 로고    scopus 로고
    • Aussenegg, W., Pichler, P., & Stomper, A. (2003). IPO pricing with bookbuilding and a when-issued market. Working Paper, Vienna University of Technology and Boston College.
  • 2
    • 85120238672 scopus 로고    scopus 로고
    • Balzer, K. (2000). Die Bedeutung des Venture Capital für innovative Unternehmen . Aachen: Shaker Verlag.
  • 3
    • 84977716232 scopus 로고
    • Initial public offering underpricing: The issuer’s view – A comment
    • C.B. Barry Initial public offering underpricing: The issuer’s view – A comment Journal of Finance 44 1989 1099 1103
    • (1989) Journal of Finance , vol.44 , pp. 1099-1103
    • Barry, C.B.1
  • 5
    • 85120195458 scopus 로고    scopus 로고
    • Betsch, O., Groh, A. P., & Schmidt, K. (2000). Gründungs- und Wachstumsfinanzierung innovativer Unternehmen . München: Oldenbourg.
  • 6
    • 0000577806 scopus 로고    scopus 로고
    • Venture capital and the structure of capital markets: Banks vs. stock markets
    • B.S. Black R.J. Gilson Venture capital and the structure of capital markets: Banks vs. stock markets Journal of Financial Economics 47 1998 243 277
    • (1998) Journal of Financial Economics , vol.47 , pp. 243-277
    • Black, B.S.1    Gilson, R.J.2
  • 7
    • 0011615421 scopus 로고
    • Capital raising, underwriting and the certification hypothesis
    • J.R. Booth R.L. Smith Capital raising, underwriting and the certification hypothesis Journal of Financial Economics 15 1986 261 281
    • (1986) Journal of Financial Economics , vol.15 , pp. 261-281
    • Booth, J.R.1    Smith, R.L.2
  • 8
    • 85120209018 scopus 로고    scopus 로고
    • Bottazzi, L., & Da Rin, M. (2002). Europe’s new stock markets. Working Paper, University of Bocconi and University of Turin.
  • 9
    • 0031232456 scopus 로고    scopus 로고
    • Underpricing, ownership and control in initial public offerings of equity securities in the UK
    • M.J. Brennan J. Franks Underpricing, ownership and control in initial public offerings of equity securities in the UK Journal of Financial Economics 45 1997 391 413
    • (1997) Journal of Financial Economics , vol.45 , pp. 391-413
    • Brennan, M.J.1    Franks, J.2
  • 10
    • 85120222664 scopus 로고    scopus 로고
    • Bundesverband deutscher Kapitalbeteiligungsgesellschaften – German Venture Capital Association e. V. (BVK), 2003. BVK Statistics 2002.
  • 11
    • 85120214523 scopus 로고    scopus 로고
    • Bygrave, W. D., & Timmons, J. A. (1992). Venture capital at the crossroads . Boston: Harvard Business School Press.
  • 12
    • 84977731975 scopus 로고
    • Initial public offerings and underwriter reputation
    • R. Carter S. Manaster Initial public offerings and underwriter reputation Journal of Finance 45 1990 1045 1067
    • (1990) Journal of Finance , vol.45 , pp. 1045-1067
    • Carter, R.1    Manaster, S.2
  • 13
    • 0037362183 scopus 로고    scopus 로고
    • A cross-country comparison of full and partial venture capital exits
    • D.J. Cumming J.G. MacIntosch A cross-country comparison of full and partial venture capital exits Journal of Banking & Finance 27 2003 511 548
    • (2003) Journal of Banking & Finance , vol.27 , pp. 511-548
    • Cumming, D.J.1    MacIntosch, J.G.2
  • 14
    • 85120200472 scopus 로고    scopus 로고
    • Engel, D. (2002a). Firm level implications of early stage venture capital investment – An empirical investigation. ZEW Discussion Paper No. 02–82.
  • 15
    • 85120188293 scopus 로고    scopus 로고
    • Engel, D. (2002b). The impact of venture capital on firm growth: An empirical investigation. ZEW Discussion Paper No. 02–02.
  • 17
    • 0035630090 scopus 로고    scopus 로고
    • The underpricing of venture and nonventure capital IPOs: An empirical investigation
    • B.B. Francis I. Hasan The underpricing of venture and nonventure capital IPOs: An empirical investigation Journal of Financial Services Research 19 2001 93 113
    • (2001) Journal of Financial Services Research , vol.19 , pp. 93-113
    • Francis, B.B.1    Hasan, I.2
  • 18
    • 85120196716 scopus 로고    scopus 로고
    • Franzke, S. A., Grohs, S., & Laux, C. (2004). Initial public offerings and venture capital in Germany. In: J. P. Krahnen & R. H. Schmidt (Eds), The German Financial System (pp. 233–260). Oxford: Oxford University Press.
  • 19
    • 85120227533 scopus 로고    scopus 로고
    • Franzke, S., & Schlag, C. (2002). Over-allotment options in IPOs on Germany’s Neuer Markt – An empirical investigation. CFS Working Paper No. 2002/16.
  • 20
    • 0030240848 scopus 로고    scopus 로고
    • Grandstanding in the venture capital industry
    • P.A. Gompers Grandstanding in the venture capital industry Journal of Financial Economics 42 1996 133 156
    • (1996) Journal of Financial Economics , vol.42 , pp. 133-156
    • Gompers, P.A.1
  • 21
    • 85120210772 scopus 로고    scopus 로고
    • Green, R. C. (1997). Econometric analysis . London: Prentice-Hall.
  • 22
    • 0035588513 scopus 로고    scopus 로고
    • Underpricing and entrepreneurial wealth losses in IPOs: Theory and evidence
    • M.A. Habib A.P. Ljungqvist Underpricing and entrepreneurial wealth losses in IPOs: Theory and evidence Review of Financial Studies 14 2001 433 458
    • (2001) Review of Financial Studies , vol.14 , pp. 433-458
    • Habib, M.A.1    Ljungqvist, A.P.2
  • 23
    • 0000975175 scopus 로고    scopus 로고
    • Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan
    • Y. Hamao F. Packer J.R. Ritter Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan Pacific-Basin Finance Journal 8 2000 529 558
    • (2000) Pacific-Basin Finance Journal , vol.8 , pp. 529-558
    • Hamao, Y.1    Packer, F.2    Ritter, J.R.3
  • 24
    • 85120212454 scopus 로고    scopus 로고
    • Johnson, S. (2000). Private contracts and corporate governance reform: Germany’s Neuer Markt. Working Paper, Massachusetts Institute for Technology.
  • 25
  • 26
    • 85120204220 scopus 로고    scopus 로고
    • Kaserer, C., & Kraft, M. (2000). The cost of raising capital and issue size effects – The case of initial public offerings in Germany. Working Paper, University of Fribourg and University of Wuerzburg.
  • 27
    • 84993865817 scopus 로고
    • Venture capitalists and the oversight of private firms
    • J. Lerner Venture capitalists and the oversight of private firms Journal of Finance 50 1995 301 318
    • (1995) Journal of Finance , vol.50 , pp. 301-318
    • Lerner, J.1
  • 28
    • 0013114164 scopus 로고    scopus 로고
    • Insider reputation and selling decisions: The unwinding of venture capital investments during equity IPOs
    • T.H. Lin R.L. Smith Insider reputation and selling decisions: The unwinding of venture capital investments during equity IPOs Journal of Corporate Finance 4 1998 241 263
    • (1998) Journal of Corporate Finance , vol.4 , pp. 241-263
    • Lin, T.H.1    Smith, R.L.2
  • 29
    • 0000023291 scopus 로고    scopus 로고
    • Pricing initial public offerings: Further evidence from Germany
    • A.P. Ljungqvist Pricing initial public offerings: Further evidence from Germany European Economic Review 41 1997 1309 1320
    • (1997) European Economic Review , vol.41 , pp. 1309-1320
    • Ljungqvist, A.P.1
  • 30
    • 85120203239 scopus 로고    scopus 로고
    • Ljungqvist, A. P. (1999). IPO Underpricing, wealth loss and the curious role of venture capitalists in the creation of public companies. Working Paper, Oxford University.
  • 31
    • 0344685289 scopus 로고    scopus 로고
    • Global integration in primary equity markets: The role of U.S. banks and U.S. investors
    • A.P. Ljungqvist T. Jenkinson W.J. Wilhelm Global integration in primary equity markets: The role of U.S. banks and U.S. investors Review of Financial Studies 16 2003 63 100
    • (2003) Review of Financial Studies , vol.16 , pp. 63-100
    • Ljungqvist, A.P.1    Jenkinson, T.2    Wilhelm, W.J.3
  • 32
    • 85120238177 scopus 로고    scopus 로고
    • Löffler, G. (2000). Zeichnungsrenditen am Neuen Markt: Gleichgewicht oder Ineffizienz? Working Paper, Frankfurt University.
  • 33
    • 0036108222 scopus 로고    scopus 로고
    • Why don’t issuer get upset about leaving money on the table in IPOs?
    • T. Loughran J.R. Ritter Why don’t issuer get upset about leaving money on the table in IPOs? Review of Financial Studies 15 2002 413 444
    • (2002) Review of Financial Studies , vol.15 , pp. 413-444
    • Loughran, T.1    Ritter, J.R.2
  • 34
    • 84977723575 scopus 로고
    • Venture capitalist certification in initial public offerings
    • W.L. Megginson K.A. Weiss Venture capitalist certification in initial public offerings Journal of Finance 46 1991 879 903
    • (1991) Journal of Finance , vol.46 , pp. 879-903
    • Megginson, W.L.1    Weiss, K.A.2
  • 35
    • 85120228002 scopus 로고    scopus 로고
    • Prabhala, N., & Puri, M. (1998). How does underwriter price support affect IPOs? Empirical evidence. Working Paper, Yale University.
  • 36
    • 85120184522 scopus 로고    scopus 로고
    • Rindermann, G. (2003). Venture capital participation and the performance of IPO firms: Empirical evidence from France, Germany and the UK. Working Paper, University of Muenster.
  • 37
    • 0001605968 scopus 로고
    • The hot issue market of 1980
    • J.R. Ritter The hot issue market of 1980 Journal of Business 57 1984 215 240
    • (1984) Journal of Business , vol.57 , pp. 215-240
    • Ritter, J.R.1
  • 38
    • 0038193294 scopus 로고    scopus 로고
    • A review of IPO activity, pricing and allocations
    • J.R. Ritter I. Welch A review of IPO activity, pricing and allocations Journal of Finance 57 2002 1795 1828
    • (2002) Journal of Finance , vol.57 , pp. 1795-1828
    • Ritter, J.R.1    Welch, I.2
  • 39
    • 0000887602 scopus 로고
    • The structure and governance of venture-capital organizations
    • W.A. Sahlman The structure and governance of venture-capital organizations Journal of Financial Economics 27 1990 473 521
    • (1990) Journal of Financial Economics , vol.27 , pp. 473-521
    • Sahlman, W.A.1
  • 40
    • 85120192470 scopus 로고    scopus 로고
    • Schäfer, D., Werwatz, A., & Zimmermann, V. (2003). The determinants of debt and (private) equity financing in young innovative SMEs: Evidence from Germany. Working Paper, German Institute for Economic Research (DIW) Berlin and KfW Group.
  • 41
    • 0038648568 scopus 로고    scopus 로고
    • Control as a motivation for underpricing: A comparison of dual- and single-class IPOs
    • S.B. Smart C.J. Zutter Control as a motivation for underpricing: A comparison of dual- and single-class IPOs Journal of Financial Economics 69 2003 85 110
    • (2003) Journal of Financial Economics , vol.69 , pp. 85-110
    • Smart, S.B.1    Zutter, C.J.2
  • 42
    • 85120237123 scopus 로고    scopus 로고
    • Stedler, H. (1987). Venture capital und geregelter Freiverkehr: Eine empirische Studie . Frankfurt am Main: Fritz Knapp Verlag.
  • 43
    • 84977718972 scopus 로고
    • Anatomy of initial public offerings on common stock
    • S.M. Tinic Anatomy of initial public offerings on common stock Journal of Finance 43 1988 789 822
    • (1988) Journal of Finance , vol.43 , pp. 789-822
    • Tinic, S.M.1
  • 44
    • 85120225217 scopus 로고    scopus 로고
    • Tykvova, T. (2003). Is the behaviour of German venture capitalists different? Evidence from the Neuer Markt. CFS Working Paper No. 2003/24.
  • 46
    • 0042592352 scopus 로고
    • Pricing initial public offerings: Evidence from Germany
    • W. Wasserfallen C. Wittleder Pricing initial public offerings: Evidence from Germany European Economic Review 38 1994 1505 1517
    • (1994) European Economic Review , vol.38 , pp. 1505-1517
    • Wasserfallen, W.1    Wittleder, C.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.