Patents, innovation, and performance of venture capital-backed IPOs

• Main Authors: CAO, Jerry X., JIANG, Fuwei, RITTER, Jay R
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2015
• 主題: Initial public offerings; Venture capital; Patents; Innovation; Long-run performance; Finance and Financial Management
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/5230; https://ink.library.smu.edu.sg/context/lkcsb_research/article/6229/viewcontent/SSRN_id2364668.pdf

We study the predictive power of patents on the long-run performance of venture capital (VC)-backed initial public offerings (IPOs). We show that VC-backed IPOs that have at least one patent at the time of the IPO substantially outperform other VC-backed IPOs, with 3-year buy-and-hold market-adjuste...