The Effects of Experience, Ownership, and Knowledge on IPO Survival: Empirical Evidence from Germany
We study the implications of ownership and its induced incentives on firm survival on the stock market for young and high-tech firms. Using a unique data set of all 341 firms listed on the Neuer Markt, the German counterpart of the NASDAQ, our results differ from studies on more traditional firms. Ownership by CEOs has no influence on firm survival when introducing measurements of human capital and intellectual property rights. This confirms assumptions that firms in the knowledge based industries differ also in their governance structure from traditional firms.
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- Steven N. Kaplan & Per Stromberg, 2002.
"Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses,"
NBER Working Papers
8764, National Bureau of Economic Research, Inc.
- Steven N. Kaplan & Per Strömberg, 2004. "Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses," Journal of Finance, American Finance Association, vol. 59(5), pages 2177-2210, October.
- Kaplan, Steven N. & Strömberg, Per, 2003. "Characteristics, Contracts and Actions: Evidence from Venture Capitalist Analyses," SIFR Research Report Series 14, Institute for Financial Research.
- Kaplan, Steven & Strömberg, Per Johan, 2002. "Characteristics, Contracts and Actions: Evidence from Venture Capitalist Analyses," CEPR Discussion Papers 3243, C.E.P.R. Discussion Papers.
- George P. Baker & Robert E. Kennedy, 2002. "Survivorship and the Economic Grim Reaper," Journal of Law, Economics and Organization, Oxford University Press, vol. 18(2), pages 324-361, October.
- Edward P. Lazear, 2005.
Journal of Labor Economics,
University of Chicago Press, vol. 23(4), pages 649-680, October.
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