https://scholars.lib.ntu.edu.tw/handle/123456789/414551
Title: | The reputation effect of venture capital | Authors: | Shu, Pei Gi Yeh, Yin Hua SHEAN-BII CHIU Ho, Fu Sheng |
Keywords: | Initial public offerings | Reputation effect | Venture capital | Issue Date: | 1-May-2011 | Journal Volume: | 36 | Journal Issue: | 4 | Start page/Pages: | 533 | Source: | Review of Quantitative Finance and Accounting | Abstract: | The main purpose of this paper to examine how the reputation effect of venture capital (VC) is associated with the initial return and ex-post performance of its invested IPO firms. In this paper, we use 267 Taiwanese IPO firms in 1994-2007 periods and find that VC-backed firms outperform non-VC-backed firms in terms of ex-post equity market-to-book ratio, ROA and R&D expenditure ratio. For those VC-backed IPOs, reputable VC-backed firms outperform mediocre VC-backed ones. Moreover, among the four proxies of VC reputation, the market share with respect to total IPO proceeds is most promising in explaining IPO firms' ex-post performance. The overall result confirms the reputation effect associated with VC. © 2010 Springer Science+Business Media, LLC. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414551 | ISSN: | 0924865X | DOI: | https://api.elsevier.com/content/abstract/scopus_id/79955479507 10.1007/s11156-010-0188-x |
Appears in Collections: | 財務金融學系 |
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