VENTURE CAPITALISTS AND THE DECISION TO GO PUBLIC

• 成果类型: Article
• 署名作者: LERNER, J
• 署名单位: Harvard University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(94)90035-3
• 发表日期: 1994
• 页码: 293-316
• 关键词: venture capital; initial public offerings; FINANCING STRATEGY

摘要

This paper examines the timing of initial public offerings and private financings by venture capitalists. Using a sample of 350 privately held venture-backed biotechnology firms between 1978 and 1992, 1 show that these companies go public when equity valuations are high and employ private financings when values are lower. Seasoned venture capitalists appear to be particularly proficient at taking companies public near market peaks. The results are robust to a variety of controls and alternative explanations.