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Debt financing,venture capital,and the performance of initial public offerings
Institution:1. Chair of Corporate Finance, University of Hohenheim, Wollgrasweg 49, 70599 Stuttgart, Germany;2. ZEW Mannheim, L 7, 1, 68161 Mannheim, Germany;1. Department of Banking and Finance, Faculty of Economics and Administrative Sciences, Fatih University, 34500, Buyukcekmece, Istanbul, Turkey;2. Department of Management, Faculty of Economics and Administrative Sciences, Fatih University, 34500, Buyukcekmece, Istanbul, Turkey;3. Management Science and Information Systems, Spears School of Business, Oklahoma State University, 700 N. Greenwood Ave., Tulsa, OK 74106, USA;1. School of Business, Jiangnan University, Wuxi, Jiangsu 214122, China;2. F.C. Manning School of Business Administration, Acadia University, Wolfville, NS B4P 2R6, Canada;3. Odette School of Business, University of Windsor, Windsor, ON N9B 3P4, Canada
Abstract:We examine the roles of two financial intermediaries, lenders and venture capitalists, in a sample of more than 6000 IPO firms during 1980–2012. Venture capitalists and lenders generally fund different types of firms and, on average, are substitutes; however, in some instances we observe interactions and complementary roles between the two funding sources. Firms with high debt have lower valuation uncertainty, and lower initial day returns than those backed by venture capital. However, firms with high debt levels underperform in the long-run, especially those without venture capital. We provide some evidence that firms backed by reputable venture capitalists perform better.
Keywords:Debt financing  Venture capital  Initial public offerings  Long-run performance
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