University of Twente Student Theses
Long-run performance of venture-backed IPOs in Europe and the effect of venture capital reputation
Nguyen, Ngoc Mai (2018) Long-run performance of venture-backed IPOs in Europe and the effect of venture capital reputation.
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| Abstract: | The study aims to investigate the long-run performance of European venture-backed IPOs compared with their counterparts, as well as the effect of the reputation of venture capitalist on that performance. Using the sample of 8146 global IPOs from 2001 to 2014, I find the superior performance of European VC-backed IPOs measured by market-to-book value compared to European non-VC-backed IPOs; however, inferior performance is found when using return on assets, an operating measure. Compared with VC-backed IPOs in other regions, VC-backed IPOs in Europe have higher performance in terms of market-to-book value and lower performance measured by return on assets. Moreover, there is a positive association between the reputation of venture capitalist and the stock and market-related measures of European VC-backed IPOs, including buy-and-hold return, buy-and-hold abnormal return, and market-to-book value. |
| Item Type: | Essay (Master) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 85 business administration, organizational science |
| Programme: | Business Administration MSc (60644) |
| Link to this item: | https://purl.utwente.nl/essays/76646 |
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