Contains reports on six research projects.U. S. Public Health Service (B-3055-4, B-3090-4, MH-06175-02)U. S. Air Force (AF49(638)-1313)U.S. Navy. Office of Naval Research (Nonr-1841(70)

Berndt E.R

Brav A.

Chemmanur T.J.

DeGeorge F.

Dimson E.

Greene W.H

Heckman J

Hulburt H.M.

Ibbotson R.G.

Jain B.

Jalilvand A.

Jenkinson T.

Jensen M.C

Kaplan S.

LaPorta R.

Leland H.

Levis M

Loughran T.

Maddala G

Megginson W.

Muscarella C.

Opler T

Ritter J.

Robbie K.

Romano R

Singh H

Thompson S.

White H

Wright M.

Yankelevich, Guillermina N.

Stark, L.

Dickson, J. F., III

Grossman, J.

Theodoridis, G. C.

Zuber, B. L.

Masek, G. A.

Negrete, J.

Whipple, G. H.

Horibe, H.

DSpace@MIT

Neurology

Saadouni, Brahim

Jelic, Ranko

Wright, Mike

The University of Manchester - Institutional Repository

Share Price Performance of Private to Public MBOs: The Role of Venture Capital’

Crossref

Performance of Private to Public MBOs: The Role of Venture Capital

Saadouni, B

Wright, M

University of Birmingham Research Portal

Performance of Private to Public Management Buy Out: The role of Venture Capital

Using a unique dataset, we examine financial performance, arid venture capital involvement in 167 MBOs exiting through IPOs (MBO-IPOs) on the London Stock Exchange, during the period 1964 -1997. VC backed MBOs seem to be more underpriced than MBOs without venture capital backing, based on average value-weighted returns. MBOs backed by highly reputable VCs tend to be older companies, and exit earlier than MBOs backed by less reputable VCs. The results contradict 'certification' and 'grandstanding' hypotheses supported by US data (Meggirison arid Weiss, 1991; arid Gompers, 1996, respectively). We found no evidence of either significant underperformance, or that VC backed MBOs perform better than their non-VC backed counterparts in the long run. However, MBOs backed by highly reputable venture capital firms seem to be better long-term investments as compared to those backed by less prestigious venture capitalist firms. The results remain robust after using different methods to measure performance, and after controlling for sample selectivity bias. © Blackwell Publishing Ltd. 2005

Performance of private to public MBOs: The role of venture capital

The Performance of Private to Public MBOs: The Role of Venture Capital

Ranko Jelic (4465897)

Brahim Saadouni (16202990)

Mike Wright (6736391)

Sussex Research Online

Performance of private to public MBOs: the role of venture capital

http://dx.doi.org/10.1111/j.0306-686X.2005.00608.x

Neurology

Abstract

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DSpace@MIT

The University of Manchester - Institutional Repository

Crossref

University of Birmingham Research Portal

The University of Manchester - Institutional Repository

University of Birmingham Research Portal

University of Birmingham Research Portal

Sussex Research Online