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The impact of venture capital on the long-run performance of IPOs
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This paper examines the impact of venture capital on the long-run performance of U.S. initial public offerings (IPOs) on the stock exchanges NASDAQ and NYSE from2011 to 2018. The main findings of this paper indicate a strong positive impact of venture capital on the market-based criteria of stock returns and market-to-book value, but a small negative impact on abnormal return on assets and the survival rate of the backed companies. The strongly growing size of the U.S. venture capital market was not reflected in an increase in the performance of venture capital-backed IPO.
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Venture capital Financial markets Ipo