Pennacchio, Luca - In: Economics Bulletin 33 (2013) 4, pp. 2528-2539
venture capital backed IPOs are on average less underpriced than non-venture backed IPOs. By using a regression-based approach … venture capital backed is actually due to the causal effect of venture financing. The result is consistent with the … certification hypothesis, that is, certifying that the value of issuing firms reflects all relevant inside information, venture …