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| Tekijä: | Gonzalez, L. James, C. |
| Otsikko: | Banks and bubbles: How good are bankers at spotting winners? |
| Lehti: | Journal of Financial Economics
2007 : OCT, VOL. 86:1, p. 40-70 |
| Asiasana: | banks bank lending venture capital initial public offerings USA |
| Kieli: | eng |
| Tiivistelmä: | This paper explores the bank lending relations (here as: b-l-rls.) of a large sample of technology and non-technology firms going public from 1996 to 2000. Based on a unique hand-collected data set to examine the characteristics of firms establishing pre- Initial Public Offering (IPO) b-l-rls. etc., it is found among others that the majority of IPO firms have b-l-rls. before going public. Firms with b-l-rls. are older, more profitable or, in the case of tech firms, have lower losses, and are more likely to have funding from venture capitalists than firms without b-l-rls. etc. Overall, the results indicate that firms with the best current and future prospects establish banking relations. |
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