Long-run IPO performance and the role of venture capital
研究发现，若考虑风险投资持股，其支持的IPO在风投未退出期间平均超额收益为1.22个百分点，且该表现源于风投的积极监督，而非市场时机或信号传递。
Prior literature (e.g., Brav & Gompers, 1997) establishes that the average VC-backed IPO does not outperform return based benchmarks. In this paper, we show, by accounting for VC holdings, that the average VC-backed IPO exhibits positive alphas (1.22pp) as long as the VC remains invested. The significant overperformance can be fully explained by active VC monitoring efforts, which diminishes following the VC's exit. Alternative explanations such as market timing, signaling, and portfolio company selection cannot explain the return patterns.