The objective of this study is to investigate the long-run performance of initial public offerings (IPO) in Germany for the period from 1977 to 1995. Of particular interest is to examine whether underpricing and the timing of subsequent seasoned equity offerings (SEO) may help to explain why...

Während der Bestandszeit des Neuen Markts war eine temporäre Veräußerungssperre auf Anteile der Alteigentümer obligatorisch zwischen der Deutsche Börse AG und dem jeweiligen Emittenten abzuschließen. Dagegen sieht die US-amerikanische Wachstumsbörse Nasdaq ein freiwilliges Modell dieser...

This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany´s Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance...

Research on IPOs commonly focuses on the relation between firms' pre IPO ownership structure and subsequent stock performance. We extend the literature by additionally focusing on companies' post IPO ownership structure, in particular private equity capital engagement, to analyze IPOs stock...