Venture Capital Distributions: Short‐Run and Long‐Run Reactions
研究风险资本分配（一种合法的内幕交易）对股价的短期和长期影响，发现分配后股价立即下跌且后续持续走低，尤其是低质量承销商或年轻公司的分配反应更负面。
Venture capital distributions, a legal form of insider trading, provides an ideal arena for examining the share price impact of transactions by informed parties. These sales, which occur after substantial run‐ups in share value, generate a substantial price reaction immediately around the event. In the months after distribution, returns apparently continue to be negative. When the short‐ and long‐run reactions are decomposed, they are consistent with the view that venture capitalists use inside information to time stock distributions: Distributions of firms brought public by lower quality underwriters and of less seasoned firms have more negative price reactions.