Using a sample of venture capital-backed firms going public, we analyze the role played by perceived valuation changes on IPO underpricing. We consider the full trajectory of perceived valuation changes in a firm's value from its last VC round, to IPO filing, and ultimately to IPO price. We find...

This paper investigates whether a simple accounting based fundamental analysis strategy has earned superior returns within a portfolio of low price-to-book (value) stocks in the Indian equity market over the last decade. In line with Piotrosky (2000) we developed an F-score combining...