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    The influence of private equity and venture capital on the post-IPO performance of newly-public acquirers

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    Publication type
    Journal article with impact factor
    Author
    Matanova, Natalia
    Steigner, Tanja
    Sutton, Ninon
    Thompson, Linh
    Publication Year
    2022
    Journal
    The North American Journal of Economics and Finance
    Publication Volume
    59
    
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    Abstract
    This paper examines the influence of private equity (PE) and venture capital (VC) ownership on the post-initial public offering (IPO) performance of newly-public acquirers. Our results show that acquirers with PE- or VC-backing at the time of the IPO perform better long-term than acquirers without such backing. More importantly, while acquirers without financial backing experience negative long-run returns from first-year acquisitions, acquirers with continued PE- and VC-backing perform significantly better when making acquisitions within the first year after going public. However, acquiring firms and investors should be aware that for mergers in the second and third year post-IPO, continued VC ownership has a detrimental long-term impact. In contrast, higher levels of continued PE ownership tend to have a positive relationship with long-run performance.
    Keyword
    Private Equity, Venture Capital, IPO, M&A
    Knowledge Domain/Industry
    Accounting & Finance
    DOI
    10.1016/j.najef.2021.101597
    URI
    http://hdl.handle.net/20.500.12127/6988
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.najef.2021.101597
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