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Three essays on evolution of financi...

Zhang, Jie.

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Three essays on evolution of financial structure and performance of young firms.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Three essays on evolution of financial structure and performance of young firms./
作者:	Zhang, Jie.
面頁冊數:	107 p.
附註:	Source: Dissertation Abstracts International, Volume: 69-05, Section: A, page: 1921.
Contained By:	Dissertation Abstracts International69-05A.
標題:	Business Administration, Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3314213
ISBN:	9780549633341

Three essays on evolution of financial structure and performance of young firms.
Zhang, Jie.

Three essays on evolution of financial structure and performance of young firms. - 107 p.

Source: Dissertation Abstracts International, Volume: 69-05, Section: A, page: 1921.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2008.

This paper studies evolution of financial structure and performance of young firms. Chapter 1 reexamines the deterioration in IPO (initial public offering) firm's operating performance. We find that the level of deterioration in operating performance depends greatly upon the choice of controls. Controlling for pre-issue performance, we cut the previously documented level of underperformance by more than half. We also find that the degree of underperformance has decreased over time. Using the improved underperformance measures developed in Chapter 1, Chapter 2 develops hypotheses to explain the post-IPO operating underperformance. We find that agency costs of free cash flow and window dressing explanations are consistent with the data. Managerial incentives hypothesis is weakly supported by the data. Chapter 3 researches on ownership structure dynamics of venture capital investors prior to the IPO. We find that ownership of existing venture capitalists declines at the subsequent round except for early rounds. Previous ownership concentration predicts the smaller decline in the ownership of venture capitalists in the subsequent round. These findings suggest that, as predicted by the previous literature, venture capitalists tend to maintain their ownership when information asymmetry is important.

ISBN: 9780549633341Subjects--Topical Terms:

626628
Business Administration, Management.

Three essays on evolution of financial structure and performance of young firms.
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520 $a This paper studies evolution of financial structure and performance of young firms. Chapter 1 reexamines the deterioration in IPO (initial public offering) firm's operating performance. We find that the level of deterioration in operating performance depends greatly upon the choice of controls. Controlling for pre-issue performance, we cut the previously documented level of underperformance by more than half. We also find that the degree of underperformance has decreased over time. Using the improved underperformance measures developed in Chapter 1, Chapter 2 develops hypotheses to explain the post-IPO operating underperformance. We find that agency costs of free cash flow and window dressing explanations are consistent with the data. Managerial incentives hypothesis is weakly supported by the data. Chapter 3 researches on ownership structure dynamics of venture capital investors prior to the IPO. We find that ownership of existing venture capitalists declines at the subsequent round except for early rounds. Previous ownership concentration predicts the smaller decline in the ownership of venture capitalists in the subsequent round. These findings suggest that, as predicted by the previous literature, venture capitalists tend to maintain their ownership when information asymmetry is important.
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