Venture Capital Distributions: Short-Run and Long-Run Reactions
Abstract
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...
Paper Details
Title
Venture Capital Distributions: Short-Run and Long-Run Reactions
Published Date
Dec 1, 1998
Journal
Volume
53
Issue
6
Pages
2161 - 2183
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