capital market learns of the project quality only in the period following the IPO. Venture capitalists with high-quality firms … repeated game set-up. Thereby, we can explain, e.g., the advent of hot-issue market behavior involving early disinvestments and …

using a data set embracing all IPOs which occurred on Germanys Neuer Markt. Our main finding is that significant differences …. Obviously, independent VCs, which concentrated mainly on growth stocks (low bookto- market ratio) and large firms (high market … other effects). On the contrary, firms backed by public VCs (being small and having a high book-to-market ratio) showed …

the Neuer Markt between 1997 and 2000, when many small venture capital financed firms entered the market, provides a …, activity has come to a near stand still and the Neuer Markt has just been dissolved. The low number of IPOs and the fairly low … volume of VC financing in Germany before the introduction of the Neuer Markt are a striking and much debated phenomenon …

the Neuer Markt between 1997 and 2000, when many small venture capital financed firms entered the market, provides a …, activity has come to a near stand still and the Neuer Markt has just been dissolved. The low number of IPOs and the fairly low … volume of VC financing in Germany before the introduction of the Neuer Markt are a striking and much debated phenomenon …