1. Venture Capital and New Stock Markets in Europe (G. Giudici, P. Roosenboom)
1. Introduction
2. The evolution of venture capital, private equity and stock exchanges in Europe
3. Europe's new stock markets
3.1. AIM and the TechMark segment (United Kingdom)
3.2. Nouveau Marche (France), Euro.NM Belgium and Nieuwe Markt (the Netherlands)
3.3. NASDAQ Europe (EASDAQ)
3.4. The Neuer Markt (Germany)
3.5. The Nuovo Mercato (Italy)
3.6. New markets in other European countries
4. Concluding remarks
2. Pricing Initial Public Offerings on Europe's New Stock Markets (G. Giudici, P. Roosenboom)
1. Introduction
2. Prior literature
2.1. Partial adjustment to private information
2.2. Wealth losses to pre-IPO shareholders
2.3. Hot issue markets, information externalities and bundling
3. Data and sample construction
4. Summary statistics
4.1. Firm characteristics
4.2. Offer characteristics
4.3. Pre-IPO ownership structure
4.4. Pre-IPO shareholders' selling behavior
4.5. What has changed over time?
5. The determinants of first-day returns
5.1. First-day return regressions
5.2. Endogeneity of price revisions and underwriter choice
5.3. Explaining the difference in first-day returns between new and main markets
6. Conclusions
3. Financing Growth and Innovation through New Stock Markets: The Case of Biotechnology Firms (F. Bertoni, P.A. Randone)
1. Introduction
2. Financing innovation
3. The venture capital cycle
4. Descriptive statistics on biotechnology companies
5. Growth patterns of biotechnology companies
6. Concluding remarks
4. Managerial Incentives at the Initial Public Offering: An Empirical Analysis of the Alternative Investment Market (P. Roosenboom)
1. Introduction
2. Sample description and variable measurement
2.1. Data and sample selection
2.2. Firm characteristics
2.3. Board and ownership characteristics
2.4. Executives' firm-specific wealth
2.5. Option portfolio characteristics
3. Measuring wealth-to-performance sensitivity
3.1. Valuing the four components of executives' firm-specific wealth
3.2. Empirical specification of wealth-to-performance sensitivity 4. Empirical results
4.1. Determinants of managerial incentives
4.1.1. Executive-specific determinants
4.1.2. The influence of board and ownership characteristics
4.1.3. Firm-specific determinants
4.2. The role of stock option grants
4.3. Using the IPO as an opportunity to buy and sell shares
5. Conclusions
5. The Valuation of Firms Listed on the Nuovo Mercato: The Peers Comparables Approach (L. Cassia, S. Paleari, S. Vismara)
1. Introduction
2. Valuation using multiples
3. Valuation methods for the IPOs on the Nuovo Mercato
4. Analysis of the valuation accuracy
5. Conclusions
6. Valuing Internet Stocks at the Initial Public Offering (M. Botman, P. Roosenboom, T. van der Goot)
1. Introduction
2. Literature overview
3. Data and descriptive statistics
3.1. Sample selection
3.2. Sub-sectors of the Internet industry
3.3. Summary statistics
4. Methodology
5. Empirical results
5.1. Log-linear regressions for market values
5.2. Log-linear regressions for offer values
6. Conclusions
7. The Role of Accounting Data and Web-Traffic in the Pricing of German Internet Stocks (A. Trautwein, S. Vorstius)
1. Introduction
2. Hypothesis development
2.1. The relative value-relevance of financial information and web-metrics
2.2. The value-relevance of financial information
2.3. The value-relevance of web-metrics
3. Sample selection and data collection
3.1. Sample companies
3.2. Data sources and data collection
4. Empirical analysis and results
4.1. Methodology
4.2. Evidence of the value-relevance of financial information
4.3. Evidence of the value-relevance of web-metrics information
4.4. Evidence of the value-relevance of financial information and web-metrics
5. Concluding remarks
8. The Expiration of Mandatory and Voluntary IPO Lock-Up Provisions-Empirical Evidence from Germany's Neuer Markt (E. Nowak)
1. Introduction
2. Literature review
3. Mandatory and voluntary lock-up provisions in Germany
4. Data description and sample selection
5. Event study methodology
6. Event study results
7. Cross-sectional determinants of abnormal returns
8. Conclusions
9. Underpricing of Venture-Backed and Non Venture-Backed IPOs: Germany's Neuer Markt(S. Franzke)
1. Introduction
2. Definition of venture capital and the IPO as exit mechanism
3. Germany's Neuer Markt and the costs of going public
4. Related literature and hypotheses
5. Data and methodology
6. Descriptive statistics
7. Empirical results
8. Extensions
9. Conclusions
10. The Performance of Venture-Backed IPOs on Europe's New Stock Markets: Evidence from France, Germany and the UK (G. Rindermann)
1. Introduction
2. Data
2.1. Data collection and data sources
2.2. Sample characteristics
2.3. Selection issues
3. Methodology and variable measurement
3.1. Accounting performance measures
3.2. Market performance measures
3.2.1. Tobin's Q
3.2.2. Buy and hold returns and wealth relatives
3.3. Quality of venture-backing
3.4. Control variables
3.5. Testing for differences between venture and non venture-backed firms
4. Empirical results
4.1. Univariate analysis
4.1.1. Firm and offering characteristics at the time of the IPO
4.1.2. Post-issue operating and market performance
4.1.3. Experience and involvement of different types of venture capitalists
4.1.4. Underwriter quality
4.2. Regression analysis
4.2.1. Full sample results
4.2.2. Venture-backed IPOs
4.2.3. Robustness checks
4.3. Discussion, limitations, and alternative explanations
5. Conclusions
11. The Neuer Markt: An (Overly) Risky Asset of Germany's Financial System (H.-P. Burghof, A. Hunger)
1. The creation of the Neuer Markt
1.1. Debates and reforms of the German financial system in the 1980s and in the 1990s
1.2. The design of the Neuer Markt
1.3. The marketing
2. The impressive (but temporary) success story of the Neuer Markt
2.1. Underpricing, investment behavior and IPO frenzy
2.2. Secondary markets: bubble and bust
3. The breakdown of prices and reputation
3.1. The economic failure of the market and its participants
3.2. Fraud and reputation
3.3. Causes and consequences
4. German stock markets after the Neuer Markt - Where do we stand?
12. The Long-term Performance of Initial Public Offerings on Europe's New Stock Markets G. Giudici, P. Roosenboom)
1. Introduction
2. Literature review
3. Data and sample description
4. Measuring long-term stock price performance
5. Empirical results
5.1. Cross-sectional determinants of three-year wealth relatives
5.2. Daily abnormal returns before and after lock-up expiration
6. Conclusions
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