Short-run price performance of venture capital trust in initial public offerings

Tianna Yang, Wenxuan Hou and Ping Li

Finance Research Letters, 2018, vol. 25, issue C, 177-182

Abstract: 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.

Keywords: Venture capital trusts; Initial public offerings; Abnormal returns (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:25:y:2018:i:c:p:177-182

DOI: 10.1016/j.frl.2017.10.016

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