Are IPOs of Different VCs Different - Center for Financial.pdfVIP

No. 2004/02 Are IPOs of Different VCs Different? Tereza Tykvová, Uwe Walz Center for Financial Studies The Center for Financial Studies is a nonprofit research organization, supported by an association of more than 120 banks, insurance companies, industrial corporations and public institutions. Established in 1968 and closely affiliated with the University of Frankfurt, it provides a strong link between the financial community and academia. The CFS Working Paper Series presents the result of scientific research on selected top- ics in the field of money, banking and finance. The authors were either participants in the Center´s Research Fellow Program or members of one of the Center´s Research Pro- jects. If you would like to know more about the Center for Financial Studies, please let us know of your interest. Prof. Dr. Jan Pieter Krahnen Prof. Volker Wieland, Ph.D. CFS Working Paper No. 2004/02 Are IPOs of Different VCs Different? a b Tereza Tykvová , Uwe Walz th 29 January 2004 Abstract: This paper aims to analyze the impact of different types of venture capitalists on the performance of their portfolio firms around and after the IPO. We thereby investigate the hypothesis that different governance structures, objectives and track record of different types of VCs have a significant impact on their respective IPOs. We explore this hypothesis by using a data set embracing all IPOs which occurred on Germany’s Neuer Markt. Our main finding is that signifi