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| Author: | Jelic, R. Saadouni, B. Wright, M. |
| Title: | Performance of private to public MBOs: The role of venture capital |
| Journal: | Journal of Business Finance and Accounting
2005 : APR/MAY, VOL 32:3-4, p. 643-681 |
| Index terms: | Finance Stock exchanges Initial public offerings Venture capital Pricing Performance appraisal United Kingdom |
| Language: | eng |
| Abstract: | This study examines financial performance and venture capital involvement in 167 Management buy-outs (as: MBOs) exiting through Initial public offerings (as: IPOs) (MBO-IPOs) on the London Stock Exchange, during the period 19641997. Venture capital firm/s (as: VC/VCs) backed MBOs seem to be more underpriced than MBOs without venture capital backing, based on average value-weighted returns. MBOs backed by highly reputable VCs tend to be older companies, and exit earlier than MBOs backed by less reputable VCs. The results contradict 'certification' and 'grandstanding' hypotheses supported by U.S. data, and, respectively. |
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