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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 ...

! ! 2! Figure 2:

! ! 2! Figure 2: Composition of IPO Issuers (2001-2010) Shareholding Control Logic PE (Income for logic) Both PE and VC VC (Growth for logic) Neither 0 200 400 600 800 Issuers (1 to 813) Note: 813 total IPO issuers: 586 (72%) backed by Private Equity (PE) or Venture Capital (VC) firms. Of these 586 issuers, 95 had both PE and VC backing, 299 PE backing only, and 192 VC backing only. 470 IPO issuers are controlled by either PE (281) or VC firms (189). Of these 470 PE or VC-controlled issuers, Income and Growth logics account for 186 and 284 of the issuers, respectively.

! ! 3! Table 1: Theoretical Import of Initial Public Offerings IPO Stage Secondstage Firststage Setting and Process Price and Return Outcomes First day of trading immediately Price: First-day following the allocation of shares to close institutional investors. Retail investors (sentiment investors of Return: First-day behavioral theory) can purchase returns shares from first-stage buyers (rational investors) or from the underwriter. Underwriters and issuers negotiate indicative price range to approach institutional investors (rational investors of behavioral theory) in the roadshow and bookbuilding process. Bookbuilding demand determines final offer price and whether the IPO is priced above the high end of the price range. Price: Offer price Return: Pricing above the range Purged Factors for Returns Changes to exposure to systematic market, size, and value risk; New information Non-Bayesian investors Isolated Factors for Returns Non-neoclassical factors Issuer and underwriter motivation and sociocultural factors

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