This study shows listings of new issues that occur in order of increasing, or decreasing average quality are general equilibrium listing paths, equivalently necessary conditions for maintenance of best valuations within stock markets. This finding demonstrates robustness of an existing price...

Using data from 1980 through 2005, and implementations of the Intertemporal Capital Asset Pricing Model (ICAPM), this study consistently generates positive intertemporal risk-return relations within venture capital markets. During the first five years of business, venture capitalists (VCs) are...

Suppose arrival of a new technology in the real sector of an economy. Suppose firms that are sources of the new technology seek to list in stock markets. This study finds that, in the limit, presence of, at the very least, one high quality firm in the origin time listing cluster, and presence of...