Heterogeneous venture capital, M&A activity, and market response

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• 作者：Wanli Li^a ; ^b ; Ting Cao^a ; ^{caoting614@gmail.com} ; Zhaozhen Feng^c ; ^{xjtufeng@126.com}
• 关键词：G24 ; G34
• 刊名：Emerging Markets Review
• 出版年：2016
• 出版时间：December 2016
• 年：2016
• 卷：29
• 期：Complete
• 页码：168-199
• 全文大小：436 K
• 卷排序：29

文摘

This study investigates the effects of venture capital (VC) investment on newly listed firms' merger and acquisition activities and takes the lock-up period into consideration. We find that venture capitalists (VCs) tend to postpone M&A activities during a lock-up period, whereas the inhibition role recedes when the lock-up period expires. VCs with a longer investment period dominate this influence. We also illustrate how the market responds to the M&A announcements of VC-backed firms, with the response varying with VCs' investment period.