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Author: Tapan Seth Publisher: ISBN: Category : Capital market Languages : en Pages : 140
Book Description
This dissertation splits the idea of competitor-specific human capital into two types: competitor-specific-direct (CSD) human capital and competitor-specific-indirect (CSI) human capital, and inspects how these two types of human capital held by IPO Top Management Team (TMT) members are associated with IPO performance. Furthermore, by utilizing research on human capital, competitive dynamics, and knowledge-based view of the firm, this dissertation identifies important antecedents that result in higher degree of impact of such human capital on the IPO firm, and IPO firm's capabilities absorb such knowledge that results in higher valuations at IPO. By employing a multi-year panel data of new IPOs between 1995-2010 within the context of U.S. semiconductor industry, the first chapter shows that the prevalence of CSD and CSI knowledge in the TMT of IPO firms leads to higher market valuations of the IPO firm. Moreover, the results show that the prior employment characteristics such as tenure and the position held at competitor firms, and the complexity of the competitor source firm (the product-market diversity and the learning emphasis) moderate the relationship between CSD and CSI human capital and IPO performance. The second chapter explores internal characteristics of the IPO firm that facilitate its ability to exploit the CSD and CSI human capital. I argue that in the context of new ventures, TMT intellectual capital plays an integral role in churning information into useful knowledge of one's competitors or group of competitors. Additionally, results indicate that TMT's potential absorptive capacity, shared team-specific experience, and CEO's functional background influence the relationship between CSD and CSI human capital and IPO performance.
Author: Tapan Seth Publisher: ISBN: Category : Capital market Languages : en Pages : 140
Book Description
This dissertation splits the idea of competitor-specific human capital into two types: competitor-specific-direct (CSD) human capital and competitor-specific-indirect (CSI) human capital, and inspects how these two types of human capital held by IPO Top Management Team (TMT) members are associated with IPO performance. Furthermore, by utilizing research on human capital, competitive dynamics, and knowledge-based view of the firm, this dissertation identifies important antecedents that result in higher degree of impact of such human capital on the IPO firm, and IPO firm's capabilities absorb such knowledge that results in higher valuations at IPO. By employing a multi-year panel data of new IPOs between 1995-2010 within the context of U.S. semiconductor industry, the first chapter shows that the prevalence of CSD and CSI knowledge in the TMT of IPO firms leads to higher market valuations of the IPO firm. Moreover, the results show that the prior employment characteristics such as tenure and the position held at competitor firms, and the complexity of the competitor source firm (the product-market diversity and the learning emphasis) moderate the relationship between CSD and CSI human capital and IPO performance. The second chapter explores internal characteristics of the IPO firm that facilitate its ability to exploit the CSD and CSI human capital. I argue that in the context of new ventures, TMT intellectual capital plays an integral role in churning information into useful knowledge of one's competitors or group of competitors. Additionally, results indicate that TMT's potential absorptive capacity, shared team-specific experience, and CEO's functional background influence the relationship between CSD and CSI human capital and IPO performance.
Author: Youngkeun Choi Publisher: ISBN: Category : Languages : en Pages : 38
Book Description
This study aims to examines the effects of an entrepreneur's human capital characteristics in early-stage firms in Korean venture industry. The data come from 260 firms which was gone public during 2000s in the Korean information technology (IT) industry. We consider age, schooling, and experiences as key human capital elements. Age is negatively related to founding in IT particularly, but positively influences the performance in the initial public offering (IPO). School prestige is positively associated with venture capital (VC) financing and IPO performance. The educational level has inverted-U shape with start-up in IT. Related industry experience is a very strong and consistent predictor in all stages of entrepreneurial process. The output functional background is positively associated with founding in IT industry and attracting VC investments. Finally, entrepreneurs with related industry experience are more likely to found in IT industry and then their ventures achieve better market capitalization in IPO process. This study is differentiated from previous studies examining whether a firm is created or not. We highlighted that the industry where entrepreneurs make start-ups and found that youth, related industry experience and output function background among human capitals of entrepreneurs are helpful for opportunity development in IT.
Author: Michelle Lowry Publisher: ISBN: 9781680833416 Category : Electronic books Languages : en Pages : 166
Book Description
The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.
Author: Jason Draho Publisher: Edward Elgar Publishing ISBN: 9781781008782 Category : Business & Economics Languages : en Pages : 400
Book Description
Annotation Initial public offerings (IPOs) garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less fa.
Author: Douglas Cumming Publisher: OUP USA ISBN: 0195391241 Category : Business & Economics Languages : en Pages : 937
Book Description
Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
Author: Tony Siesfeld Publisher: Routledge ISBN: 113635817X Category : Business & Economics Languages : en Pages : 362
Book Description
First Published in 1998. This text explores how economists and public policy makers are re-thinking the way in which governments monitor, measure and influence an economy in an unbounded global environment where output is largely intangible and organisations are becoming are becoming increasingly non-national in scope. Through a collection of seminal articles written by prominent business people, academics, and public policy makers, this three anthology examines the key issues surrounding the economic impact of knowledge-based growth.
Author: Tom Nicholas Publisher: Harvard University Press ISBN: 0674988000 Category : Business & Economics Languages : en Pages : 401
Book Description
“An incisive history of the venture-capital industry.” —New Yorker “An excellent and original economic history of venture capital.” —Tyler Cowen, Marginal Revolution “A detailed, fact-filled account of America’s most celebrated moneymen.” —New Republic “Extremely interesting, readable, and informative...Tom Nicholas tells you most everything you ever wanted to know about the history of venture capital, from the financing of the whaling industry to the present multibillion-dollar venture funds.” —Arthur Rock “In principle, venture capital is where the ordinarily conservative, cynical domain of big money touches dreamy, long-shot enterprise. In practice, it has become the distinguishing big-business engine of our time...[A] first-rate history.” —New Yorker VC tells the riveting story of how the venture capital industry arose from America’s longstanding identification with entrepreneurship and risk-taking. Whether the venture is a whaling voyage setting sail from New Bedford or the latest Silicon Valley startup, VC is a state of mind as much as a way of doing business, exemplified by an appetite for seeking extreme financial rewards, a tolerance for failure and experimentation, and a faith in the promise of innovation to generate new wealth. Tom Nicholas’s authoritative history takes us on a roller coaster of entrepreneurial successes and setbacks. It describes how iconic firms like Kleiner Perkins and Sequoia invested in Genentech and Apple even as it tells the larger story of VC’s birth and evolution, revealing along the way why venture capital is such a quintessentially American institution—one that has proven difficult to recreate elsewhere.
Author: Tapan Seth
Author: Tapan Seth
Author: Theresa M. Welbourne
Author: Laura Bernadette Field
Author: Youngkeun Choi
Author: Michelle Lowry
Author: Jason Draho
Author: Douglas Cumming
Author: Tony Siesfeld
Author: 
Author: Tom Nicholas