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Innovation and performance: Evidence from venture capital-backed IPOs

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thesis
posted on 13.05.2020 by Yao WANG

I collect a comprehensive sample of 2213 Venture Capital-backed initial public offerings (VC-backed IPOs) between 1981 and 2004, including 842 VC-backed IPOs with successful patent application(s) five years before IPOs (VC-backed IPOs with patents) and 1371 VC-backed IPOs without patent filing(s) five years before IPOs (VC-backed IPOs without patents), and examine the two-year to five-year stock performance of these offerings. VC-backed IPOs with patents appear to outperform VC-backed IPOs without patents in both cross-sectional analyses and calendar-time portfolio analyses.

History

Document type

Master thesis

Degree awarded

MSc in Finance

Year degree awarded

2011

Supervisor(s)

Cao, Jerry

SMU School

Lee Kong Chian School of Business

No. of pages

63

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Categories

Exports