English, Article edition: UK IPO underpricing and venture capitalists Jerry Coakley; Leon Hadass; Andrew Wood

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Bookmark: http://trove.nla.gov.au/version/49452
Physical Description
  • article
Language
  • English

Edition details

Title
  • UK IPO underpricing and venture capitalists
Author
  • Jerry Coakley
  • Leon Hadass
  • Andrew Wood
Physical Description
  • article
Notes
  • We analyze the nature and causes of short-run underpricing for a unique sample of 591 Initial Public Offers (IPOs) issued on the London Stock Exchange for the period 1985-2003. We find significant differences between the 1998-2000 bubble years and the rest of the sample. Venture capitalists and reputable underwriters played a certification role in the latter period but not during the bubble years. These years featured significant increases in underpricing, money left on the table, and a decline in operating quality. The combination of venture capitalists and prestigious underwriters was increasingly associated with the highest underpricing witnessed during 1998-2000, which provides indirect support for the spinning hypothesis.
  • IPO underpricing, venture capital, certification hypothesis, spinning,
  • RePEc:taf:eurjfi:v:15:y:2009:i:4:p:421-435
Language
  • English
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