Management Quality, Venture Capital Backing, and Initial Public Offerings

In the paper, Management Quality, Venture Capital Backing, and Initial Public Offerings, which was recently made publicly available on SSRN, we use hand-collected data on the quality and reputation of the management teams of a large sample of 3,240 entrepreneurial firms going public during 1993-2004 to conduct the first large-sample study of the relationship between VC-backing and management quality and the effect of these two variables on a firm’s IPO characteristics and valuation, post-IPO financial policies, and post-IPO operating performance. We hypothesize that VC-backing positively affects the quality of a firm’s management team, and that both management quality and VC-backing play a certifying role in conveying a firm’s intrinsic value to the financial market, reducing the information asymmetry faced by it. CONTINUE READING AS YOU ENTER THE WORLDS @IGLP_HarvardLaw benny quetell resilient media entertainment @resilient_ent

RESILIENT MEDIA ENTERTAINMENT

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