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Accepted author manuscript, 901 KB, PDF document
Licence: Creative Commons: Attribution-NonCommercial-NoDerivatives (CC BY-NC-ND)
Original language | English |
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Pages (from-to) | 177-182 |
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Journal | Finance Research Letters |
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Volume | 25 |
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Early online date | 27 Oct 2017 |
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DOIs | |
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Publication status | Published - Jun 2018 |
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This paper investigates the short-run price performance of venture capital trust (VCT) initial public offerings (IPOs). We find a very small positive first-day market-adjusted average abnormal return of 0.056% for VCT IPOs. This positive return is non-existent at the end of the seventh and twenty-first trading days. The abnormal returns for VCT IPOs are much smaller than those for non-financial IPOs over the sample period. Furthermore, we find no trading activities in the short-run aftermarket of VCTs.
- venture capital trusts, initial public offerings, abnormal returns
ID: 45735715