Does Euronext reward venture capital activity?

• Autor(a) principal: Sousa, Inês Maria Ciríaco Marquês de
• Data de Publicação: 2020
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10071/21604
• topic: Initial public offering; Euronext; Underpricing; Venture capital

The present study aims to empirically test if there is significant differences in the returns of venture capital backed and non venture capital backed firms that became public at Euronext between 2012 and 2016. The returns considered are the first-day and three-years returns. The data sample used is composed by 105 firms, being 61 venture capital backed and 44 non venture capital backed. The statistical outcome reveal no significant differences between venture capital and non venture capital backed companies’ first-day returns. On the other hand, the three-years return for non venture capital firms is significantly higher than the same return for venture capital backed ones.