| Summary: | 碩士 === 國立中興大學 === 財務金融學系 === 93 === This study investigates the long-run performance of venture-backed and nonventure-backed firms. We use a sample of 1,061 venture-backed and 2,784 nonventure-backed IPOs form 1982-1994.The result show that, similar to Brav and Gompers’ (1997) findings, both venture-backed and nonventure-backed firms underperform five year years after IPOs and venture-backed firms outperform nonventure-backed firms. However, about six or seven years after IPOs, the surviving firms outperform market. We also find that the prices of stocks with a good operating performance in the past do not fall down in the subsequent years. In other words, the glamour strategy does not work for venture–backed firms. We ascribe it to the entrepreneurial ability of venture-backed firms, which appears to last for a long period.
|
|---|
