Premature listing and post-IPO venture capital refinancing
研究了风险投资公司在企业IPO后为何继续投资，发现企业过早上市导致IPO后回报降低，并增加了首次再融资的可能性和缩短了时间。
We examine why venture capital firms re-invest in portfolio companies also after the IPO. Companies are taken public earlier than optimal, resulting in lower post-IPO returns, and a greater likelihood of, and shorter time to, the first post-IPO VC refinancing.