The short-run performance of JASDAQ companies and venture capital involvement before and after flotation
AbstractThis study revealed that the level of venture capitalist involvement in the pre-flotation as well as the post-flotation period influenced the short-run performance of JASDAQ companies in Japan. We detected that JASDAQ companies differed in several ways from NASDAQ and EASDAQ companies. JASDAQ companies tended to be larger in size. Moreover, JASDAQ companies were older than NASDAQ or EASDAQ companies when they selected an initial public offering (IPO). In part, the IPO decision was influenced by the subsequent desire of owners to realize capital gains and exit via personal share sales. Further, we found that JASDAQ companies with high levels of venture capital investment reported inferior short-run performance with regard to share value.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Venture Capital.
Volume (Year): 2 (2000)
Issue (Month): 1 (January)
Contact details of provider:
Web page: http://www.tandfonline.com/TVEC20
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Rosenbusch, Nina & Brinckmann, Jan & Müller, Verena, 2013. "Does acquiring venture capital pay off for the funded firms? A meta-analysis on the relationship between venture capital investment and funded firm financial performance," Journal of Business Venturing, Elsevier, vol. 28(3), pages 335-353.
- Daying Yan & Jun Cai, 2003. "Long-Run Operating Performance of Initial Public Offerings in Japanese Over-the-Counter Market (1991–2001): Evidence and Implications," Asia-Pacific Financial Markets, Springer, vol. 10(2), pages 239-274, September.
- MIYAKAWA Daisuke & TAKIZAWA Miho, 2013. "Performance of Newly Listed Firms: Evidence from Japanese firm and venture capital data," Discussion papers 13019, Research Institute of Economy, Trade and Industry (RIETI).
- John Board & Alfonso Dufour & Charles Sutcliffe & Stephen Wells, 2005. "A False Perception? The relative riskiness of AIM and listed Stocks," ICMA Centre Discussion Papers in Finance icma-dp2006-01, Henley Business School, Reading University.
- Kenji Kutsuna & Richard L. Smith, . "Issue Cost and Method of IPO Underwriting: Japan's Change from Auction Method Pricing to Book Building," Claremont Colleges Working Papers 2000-35, Claremont Colleges.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).
If references are entirely missing, you can add them using this form.