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| Author: | Bessler, W. Kurth, A. |
| Title: | Agency problems and the performance of venture-backed IPOs in Germany: Exit strategies, lock-up periods, and bank ownership |
| Journal: | European Journal of Finance
2007 : JAN/FEB, VOL. 13:1-2, p. 29-63 |
| Index terms: | stock markets initial public offerings venture capital banking equities Germany |
| Freeterms: | agency problems ownership |
| Language: | eng |
| Abstract: | This paper aims at examining the potential conflicts of interest for the 'Neuer Markt' in Germany, especially venture-backed IPOs etc. Observed are high initial returns and outperformance during the first 6 months of trading, which significantly decreases over the subsequent 18 months. The individual performance depends on the venture capital underwriter and bank affiliation, exit behaviour, and lock-up commitment. Venture capitalists, and especially banks, timed well their exit which indicates some serious agency problems in the German IPO market. |
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