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dc.contributor.authorFranzke, Stefanie A.en_US
dc.description.abstractThis paper analyzes a comprehensive data set of 108 non venture-backed, 58 venturebacked and 33 bridge financed companies going public at Germany’s Neuer Markt between March 1997 and March 2000. I examine whether these three types of issues differ with regard to issuer characteristics, balance sheet data or offering characteristics. Moreover, this empirical study contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and underwriters in certifying the quality of a company when going public. Companies backed by a prestigious venture capitalist and/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex-ante uncertainty. This study provides evidence to the contrary: VCbacked IPOs appear to be more underpriced than non VC-backed IPOs.en_US
dc.publisherGoethe University, Center for Financial Studies (CFS) Frankfurt a. M.en_US
dc.relation.ispartofseriesCFS Working Paper 2001/01en_US
dc.subject.keywordVenture Capitalen_US
dc.subject.keywordInitial Public Offeringen_US
dc.subject.keywordNeuer Markten_US
dc.titleUnderpricing of venture-backed and non venture-backed IPOs: Germany's Neuer Markten_US
dc.typeWorking Paperen_US
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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