Technical Specialized Knowledge and Secondary Shares in Initial Public Offerings
利用IPO中的二次股份，分析企业知识条件是否导致代理问题，限制创始人和风投出售股权。研究发现，依赖技术专业知识的企业中，私人所有者更少出售股权，但市场接受度高时这一限制会缓解。
This paper utilizes an understudied but often utilized aspect of initial public offerings (IPOs), secondary shares, to examine whether the knowledge conditions of firms give rise to agency problems that limit the ability of founders and venture capitalists to sell equity at IPO. In an analysis of 2,190 IPOs spanning from 1992 through 2002, we find that private owners are less likely to be observed selling their equity at IPO in ventures that are highly dependent on technical specialized knowledge as measured by the count of individuals with Ph.D.s in the top management team and board of directors. However, we find that this limit on the financial liquidity of founders and venture capitalists is alleviated when the venture's output has received greater market acceptance. Hence, the findings suggest that the financial liquidity of individuals involved in entrepreneurship is likely to be influenced by the knowledge conditions of their venture.