Venture capital distributions: Short-run and long-run reactions

• 成果类型: Article
• 署名作者: Gompers, P; Lerner, J
• 署名单位: Harvard University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.00086
• 发表日期: 1998
• 页码: 2161-2183
• 关键词: EMPIRICAL-ANALYSIS; stock returns; price; COSTS; performance; INFORMATION; companies

摘要

Venture capital distributions, a legal form of insider trading, provides an ideal arena for examining the share price impact of transactions by informed parties. These sales, which occur after substantial run-ups in share value, generate a substantial price reaction immediately around the event. In the months after distribution, returns apparently continue to be negative. When the short- and long-run reactions are decomposed, they are consistent with the view that venture capitalists use inside information to time stock distributions: Distributions of firms brought public by lower quality underwriters and of less seasoned firms have more negative price reactions.