Performance of venture backed and non venture backed IPO: evidence from Canada and the UK
SOUFANI, KHALED, Tse, T. and Chen, Q. (2008) Performance of venture backed and non venture backed IPO: evidence from Canada and the UK Journal of International Finance and Economics, 8 (2). pp. 1-22. ISSN 1555-6336
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Official URL: http://business.highbeam.com/408819/article-1G1-18...
This study analyses data of both Ventures backed and Non-VC backed IPOs in both Canada and the UK over a ten-year period from1996 to 2005. We use value-weighted 90-days cumulative returns to test the short-term performance of IPOs, and examine whether the VC backed IPOs perform better than Non-VC backed IPOs in Canada and in the UK. In comparing the two countries we find evidence of similarities and differences between the two countries in terms of the short-term performance and industry selection. In the case of industry specific firms there appear to be some strong relationship to Performance
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