“Success by Association”: The Impact of Venture Capital Firm Reputation Trend on Initial Public Offering Valuations

Volume: 47, Issue: 2, Pages: 368 - 398
Published: May 13, 2019
Abstract
Organizational theory recognizes reputation as a central element to understanding the firm. Examining investor valuations of 1,676 initial public offerings (IPOs) in the United States from 1990 to 2011, we find that reputation transfer through an association of an IPO firm with a venture capital (VC) firm represents a resource whose value can increase/decrease over time depending on investors’ valuations of prior IPOs funded by a VC firm. We...
Paper Details
Title
“Success by Association”: The Impact of Venture Capital Firm Reputation Trend on Initial Public Offering Valuations
Published Date
May 13, 2019
Volume
47
Issue
2
Pages
368 - 398
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