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Initial public offerings and listing costs: is there a difference between venture and non venture capital Ipos?

Author

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  • Antonio Meles

    (Università degli Studi di Napoli «Parthenope»)

Abstract

Are private equity investors able to reduce the overall costs of going public? This hypothesis was tested, for the Italian market, on a sample of 155 Ipos (54 Vb and 101 Nvb) during the period 1999-2007. For each company we estimated the direct and indirect costs of listing. The main results are consistent with the hypothesis because total costs of going public are lower for Vb compared to Nvb.

Suggested Citation

  • Antonio Meles, 2009. "Initial public offerings and listing costs: is there a difference between venture and non venture capital Ipos?," BANCARIA, Bancaria Editrice, vol. 10, pages 33-46, October.
  • Handle: RePEc:ban:bancar:v:10:y:2009:m:october:p:33-46
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    File URL: http://www.bancariaeditrice.it/prodotti/vedi/prodotto/id/1968/bancaria-n-10-2009
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    More about this item

    Keywords

    venture capital; private equity; Ipo; costi di quotazione; underpricing.;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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