Grandstanding, certification and the underpricing of venture capital backed IPOs

By Peggy M. Lee, Sunil Wahal. 2004

650 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/5cf6adf181da3de5f25142dbaf0e0cee2f0d5e47

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Citations in the corpus

Founder's human capital, external investment, and the survival of new high-technology ventures (2010, background): “On the other hand, since some equity investors take a portfolio approach to their goal of capital gain, they may wish their investee firms to pursue high risk/high reward strategies rather than safe strategies, and may make exit decisions that are sub-optimal for the firm (Gompers, 1996; Lee and Wah”
Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers (2013, positive): “Following Lee and Wahal (2004) and Bae, Kang and Wang (2011), we use bootstrapped standard errors to calculate t-statistics.”
Venture Capitalists, Business Angels, and Performance of Entrepreneurial IPOs in the UK and France (2007, positive): “Within this framework, Francis and Hasan (2000) and Lee and Wahal (2003) show that in recent years, US venture capital backed IPOs experience larger first-day returns than comparable non-venture backed IPOs.”
The Causes and Consequences of Venture Capital Stage Financing (2011, neutral): “, Lerner (1994), Brander et al.”
Employee Treatment and Firm Leverage: A Test of the Stakeholder Theory of Capital Structure (2011, neutral): “As in Lee and Wahal (2004), we use bootstrapped standard errors to conduct statistical inferences.”
The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms (2012, methodology): “, Lerner (1994a), Lockett and Wright (1999, 2001), Sorensen and Stuart (2001), Brander, Amit, and Antweiler (2002), Cestone, Lerner, and White (2006), Casamatta and Haritchabalet (2007), and Chemmanur and Tian (2011).”
Better Together? Signaling Interactions in New Venture Pursuit of Initial External Capital (2016, background): “Because research has consistently shown that third-party endorsements improve firm capitalization outcomes (Beaty & Ritter, 1986; Certo, 2003; Lee & Wahal, 2004; Pollock, Porac, & Wade, 2004), we do not develop a specific hypothesis for this relationship.”
Media Sentiment and IPO Underpricing (2017, positive): “Along this line, hiring reputable underwriters (Booth and Smith, 1986) or being VC-backed (Megginson and Weiss, 1991; Lee and Wahal, 2004) has been shown to be an indirect way to signal the IPO quality.”
The contingent value of venture capitalist reputation (2011, methodology): “, 1997; Guler, 2007) – is critical to the VC’s ability to raise future investment funds and be able to invest in the most promising start-ups (Lee and Wahal, 2004).”