THE ROLE OF VENTURE CAPITAL IN THE CREATION OF PUBLIC COMPANIES - EVIDENCE FROM THE GOING-PUBLIC PROCESS

被引：542

作者：

BARRY, CB ^{[1
]}

MUSCARELLA, CJ ^{[1
]}

PEAVY, JW ^{[1
]}

VETSUYPENS, MR ^{[1
]}

机构：

[1] SO METHODIST UNIV,DALLAS,TX 75275

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1990年 / 27卷 / 02期

关键词：

D O I：

10.1016/0304-405X(90)90064-7

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine an exhaustive set of initial public offerings (IPOs) by venture-capital-backed companies between 1978 and 1987. We find that venture capitalists specialize their investments in firms to provide intensive monitoring services. Consistent with their monitoring role, the venture capitalists take concentrated equity positions, maintain their investment beyond the IPO, and serve on the boards of their portfolio firms. The quality of their monitoring services appears to be recognized by capital markets through lower underpricing for IPOs with better monitors. © 1990.

引用

页码：447 / 471

页数：25

共 33 条

[1] ORGANIZATIONAL CHANGES AND VALUE CREATION IN LEVERAGED BUYOUTS - THE CASE OF THE OM-SCOTT-AND-SONS-COMPANY [J].