We statistically identify institutional investors who persistently hold the most underpriced US IPOs. As a group, these key investors' holdings are strongly related to IPO underpricing and offer price revisions, more so than any other variables. Key investors are better informed than other...

The IPO market provides an interesting setting for examining the behavior of private equity (PE) sponsors due to the higher information asymmetries it involves compared to other exit strategies. Contrary to the hypothesis that PE sponsors are more professional than other insiders in using the...

Private debt fund managers invest in debt positions of private companies through new issuances or secondary acquisition of loans. We examine which strategy performs best using data from over 400 investments into private companies located in 13 Asian countries between 2001 and 2015. Trading...

We examine the price discovery process of initial public offerings (IPOs) from the offer price to the first day’s open price. Stock exchanges have made major changes to the IPO preopening process, and introduced an open auction process in which all investors are able to enter orders and...

We study how institutional investors utilize potentially biased information by analyzing the effect of IPO underwriters' earnings forecasts on investors' bidding behaviors in Chinese IPO auctions. Despite the presence of upward biases in underwriters' earnings forecasts, we nd that investors'...

This study covers 45 investee companies that were funded by PE firms during the period from June, 2000 to December, 2015. We have followed the Long-Nickels PME method, to estimate IRR and evaluate the performance of PE investment compared to market index. We found that, India is showing an...

This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services, and exits. The survey considers recent work...

This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work...

This paper addresses the question whether the net asset value (NAV) return of listed private equity is similar to the NAV return of unlisted private equity funds. I use NAV indices from LPX and NAV data from Preqin. I find a high correlation between the NAV of listed and unlisted private...

Are private equity investors able to reduce the overall costs of going public? This hypothesis was tested, for the Italian market, on a sample of 155 Ipos (54 Vb and 101 Nvb) during the period 1999-2007. For each company we estimated the direct and indirect costs of listing. The main results are...