Reaching for Yield in the Going-Public Market: Evidence from SPACs

Author(s):  
Jessica Bai ◽  
Angela Ma ◽  
Miles Zheng
2013 ◽  
Vol 19 (1) ◽  
Author(s):  
G. Steven Burrill

Recent suggestions that improving IPO activity will lead biotech venture investors to lucrative exits seems to be a bit premature and detached from the reality of these deals. The maxim oft repeated by venture investors has never been truer: IPOs are financing events, not liquidity events. Venture-backed biotechs that are going public are doing so with substantial participation from their venture investors as well as other insiders. This trend is increasing. What’s troubling in all of this is that not only are venture investors not replenishing their war chests through IPOs, they are emptying them because public market investors are unwilling to take on the role of funding the public debuts of these companies without the participation of the venture investors. That means IPOs are failing to generate the returns venture investors need to reinvest in promising new innovative companies. It’s also directing large sums of capital from investors who have traditionally funded early-stage companies into later stage deals where investors see less risk and a faster path to desired returns.


Author(s):  
Shiyang Huang ◽  
Yifei Mao ◽  
Cong (Roman) Wang ◽  
Dexin Zhou

Abstract We investigate the effect of pre-IPO investments by public market institutional investors (institutions) on the exit of venture capitalists (VCs). Results indicate that institutions’ pre-IPO investments reduce IPO underpricing by mitigating VCs’ reliance on all-star analysts to boost market liquidity. We conclude that institutions facilitate VC exits in the secondary market. Supporting this view, our analysis reveals that the presence of institutions allows VCs to exit with a reduced price impact in the secondary market. Consistent with the ease of exit, VCs offer fewer shares at the IPO and are more likely to invest in institutionally backed startups.


2020 ◽  
Vol 60 (1-4) ◽  
pp. 243-262
Author(s):  
Gloria A. Rodríguez-Lorenzo

The appearance of zarzuela in Hungary is entirely unknown in musicology. In the present study, I discuss the currently unchartered reception of the zarzuela El rey que rabió (first performed in Spain in 1891) by Ruperto Chapí (1851-1909), a Spanish composer of over one hundred stage pieces and four string quartets. Premièred as Az unatkozó király in Budapest seven years later in 1898, Chapí’s zarzuela met with resounding success in the Hungarian press, a fervour which reverberated into the early decades of the twentieth century. Emil Szalai and Sándor Hevesi’s skilful Hungarian translation, together with Izsó Barna’s appropriate adjustments and reorchestration, accordingly catered the work to Budapest audiences. Through analysis of hand-written performance materials of Az unatkozó király (preserved in the National Széchényi Library), alongside a detailed study of the Hungarian reception, the profound interest in Spanish music–particularly in relation to musical theatre–amongst the turn-of-the-century Hungarian theatre-going public is revealed. This paper explores how Az unatkozó király became a success in Hungary.


CFA Digest ◽  
2002 ◽  
Vol 32 (4) ◽  
pp. 14-15
Author(s):  
Ann C. Logue
Keyword(s):  

Author(s):  
Joshua D. Clinton ◽  
David E. Lewis ◽  
Stephanie R. Cellini ◽  
Barry R. Weingast
Keyword(s):  

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