首次公开发行
业务
风险投资
股票市场
库存(枪支)
企业风险投资
货币经济学
财务
金融体系
社会风险投资
经济
机械工程
古生物学
马
工程类
生物
作者
Douglas J. Cumming,Li Yuan,Yongqiang Yu
出处
期刊:Social Science Research Network
[Social Science Electronic Publishing]
日期:2023-01-01
被引量:4
摘要
We investigate the relationship between corporate venture capital (CVC) and market manipulation for NASDAQ and NYSE listed companies. The data indicate stock market manipulation significantly drops on average over a two-year period prior to a company forming a CVC. CVC investments in entrepreneurial firms are followed by a rise in market manipulation in the ensuing year, but a decline thereafter. Stock manipulation harms the ability of CVCs to form investment syndicates and reduces the likelihood of successful IPO and acquisition exits. The hazard rate for a CVC-backed entrepreneurial firm is 0.5 for an IPO exit when the CVC faces market manipulation.
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