Public Market Players in the Private World: Implications for the Going-Public Process
研究了公开市场机构投资者在IPO前的投资如何通过减少风险投资家对明星分析师的依赖来降低IPO抑价，并帮助风险投资家在二级市场更顺利地退出。
Abstract We investigate the effect of pre-IPO investments by public market institutional investors (institutions) on the exit of venture capitalists (VCs). Results indicate that institutions’ pre-IPO investments reduce IPO underpricing by mitigating VCs’ reliance on all-star analysts to boost market liquidity. We conclude that institutions facilitate VC exits in the secondary market. Supporting this view, our analysis reveals that the presence of institutions allows VCs to exit with a reduced price impact in the secondary market. Consistent with the ease of exit, VCs offer fewer shares at the IPO and are more likely to invest in institutionally backed startups.