haku: @author Gompers, P. / yhteensä: 2
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| Tekijä: | Gompers, P. Lerner, J. |
| Otsikko: | Venture capital distributions: short-run and long-run reactions. |
| Lehti: | Journal of Finance
1998 : DEC, VOL. 53:6, p. 2161-2183 |
| Asiasana: | Venture capital Insider trading Share prices Stock returns |
| Kieli: | eng |
| Tiivistelmä: | The authors examine the share price impact of transactions by informed parties. These sales, which occur after substantial run-ups in share value, generate a substantial price reaction immediately around the event. In the months after distribution, returns apparently continue to be negative. When the short- and long-run reactions are decomposed, they are consistent with the view that venture capitalists use inside information to time stock distributions: Distributions of firms brought public by lower quality underwriters and of less seasoned firms have more negative price reactions. |
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