Researchers have completed a few studies to determine if performance differences exist between venture capital-backed firms and nonventure-backed firms.This research attempts to extend this research through further exploration of the following three areas:1) small businesses that performed an...

We study why capital asset markets in which buyers pay too much, well in excess of the asset’s long-term equilibrium price, could exist. A well-known example is the initial pricing of IPO shares. Two mechanisms that could generate an artificial short-term temporary demand for the asset are...

The purpose of this paper is to provide a direct test of the small-firm uniqueness hypothesis advanced by Ang (1991). We do this by using the 5B-IPO program of the SEC as our instrument to define a small firm. Having identified small firms, we test the three IPO anomalies to see if small firms...

This paper provides an economic model resulting in two distinct marketing strategies available to investment bankers. First, we hypothesize that an increased selling effort by brokers is used most effectively when the investment clientele is uninformed. Second, adjusting the offer price of the...