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5 years ago

* I would like to thank Frank Dobbin, Christopher Marquis, Peter ...

* I would like to thank Frank Dobbin, Christopher Marquis, Peter ...

occasionally control

occasionally control companies with high debt levels. If strategic constraints such as debt trump logics, venture capital controlled issuers with high debt levels should operate as Income issuers; however, they clearly do not, but act as Growth issuers increasing first-stage return outcomes. As shown in Table 9, venture capital firms do not differ in return outcomes based on differences in debt levels. A two sample t-test confirms that there is no reason to reject the null hypothesis of equal means between the two populations (t[df=186]=0.20, p

holding period, sales restrictions, industry specialization, year of offering, negotiating power, issuer debt levels, or broader market and macroeconomic conditions. I am challenging both behavioral and rational price theories. Behavioral finance relies upon individualistic biases, not sociocultural logics, and cannot explain first-stage return outcomes: pricing above the range. Pricing above the range dwarves all other effect sizes in determining first-day returns. The social influence of first-stage return outcomes on second-stage return outcomes is itself a sociological rather than an atomized actor (whether rational or non-rational) outcome. Market struggles are not only about calculative actors pursuing instrumentally rational action oriented towards self-interest, or non-rational actors pursuing action oriented towards self- interest skewed by irrational calculations. Instead, market struggles entail purposive actors pursuing instrumentally rational action oriented towards self-interest but influenced by their perception of how other actors and objects will react. Importantly, institutional logics do not override strategic concerns, but instead coexist with calculative rationality. IPO returns are the outcome of sociological (social good and institutional logics), behavioral (prospect theory), and rational risk-aversion (market conditions and issuer fundamentals) processes. Institutional logics are critical for the study of prices. Prices directly impact the distribution of resources in a market economy, and are vital for an understanding of social phenomenon such as stratification and inequality. IPO first-day returns ultimately represent an inequitable allocation of rewards between financial market participants, highlighting how modern markets can perpetuate inequitable outcomes. The relevance of price theory to economic and organizational sociology is even more self-evident. Despite this, mainstream research in the sociology of markets has heretofore not focused on the core market mechanism of price determination (Swedberg 2005), with the literature instead focusing on how social actors create 35

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