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Investment Bank Reputation, Information Production, and Financial Intermediation
The authors model reputation acquisition by investment banks in the equity market. Entrepreneurs sell shares in an asymmetrically informed equity market either directly or using an investment bank.Expand
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Reputation, Renegotiation, and the Choice between Bank Loans and Publicly Traded Debt
We model firms' choice between bank loans and publicly traded debt, allowing for debt renegotiation in the event of financial distress. Entrepreneurs, with private information about their probabilityExpand
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How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface
Using a unique sample from the Longitudinal Research Database (LRD) of the U.S. Census Bureau, we study several related questions regarding the efficiency gains generated by venture capital (VC)Expand
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A Theory of the Going-Public Decision
We address the question: At what stage in its life should a firm go public rather than undertake its projects using private equity financing? In our model a firm may raise external financing eitherExpand
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The Pricing of Initial Public Offerings: A Dynamic Model with Information Production
This paper presents an information-theoretic model of initial public offering pricing in which insiders sell stock in both the initial public offering and the secondary market, have privateExpand
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Management Quality, Certification, And Initial Public Offerings ♣
Abstract We empirically examine the relationship between the quality and reputation of a firm's management and various aspects of its IPO and post-IPO performance, a relationship that has so farExpand
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The Going Public Decision and the Product Market
At what point in a firm’s life should it go public? How do a firm’s ex ante product market characteristics relate to its going public decision? Further, what are the implications of a firm goingExpand
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The Role of Institutional Investors in Seasoned Equity Offerings
Do institutional investors possess private information about seasoned equity offerings (SEOs)? If so, do they use this private information to trade in a direction opposite to this information (aExpand
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Corporate Venture Capital, Value Creation, and Innovation
We analyze how corporate venture capital (CVC) differs from independent venture capital (IVC) in nurturing innovation in entrepreneurial firms. We find that CVC-backed firms are more innovative, asExpand
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IPO Waves, Product Market Competition, and the Going Public Decision: Theory and Evidence
We develop a new rationale for IPO waves based on product market considerations. Two firms, with differing productivity levels, compete in an industry with a significant probability of a positiveExpand
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