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January 26, 2018

Holidays

Start Date and TimeEvent Details

Academic Depts - Entrepreneurship and Emerging Enterprises

Start Date and TimeEvent Details

Friday, January 26, 2018

11:00 AM - 12:30 PM
EEE Guest Speaker Series: Yong Li (SUNY Buffalo)

Title: When do venture capital firms retain equity shares after investee IPO?

Abstract: This study develops a real options framework on venture capital investors’ (VCs) exit strategy after investee ventures go public. IPO presents an opportunity for VCs to cash out and realize the value of their investments. Yet, many VCs choose to retain a significant ownership stake after venture IPO. Extant research suggests that VCs retain equity to signal the quality of investees. We offer the view that pre-IPO equity investment in a venture constitutes an option to divest equity post-IPO. We propose that the exit decision depends in part on the factors that determine the value of the exit option, including market uncertainty and the VC’s privileged knowledge about the value-creating potential of the venture’s assets. The empirical analysis provides supportive evidence for our argument.

Key words: venture capital, post-IPO cashout, uncertainty, asymmetric knowledge, real options

Academic Depts - Finance

Start Date and TimeEvent Details

Friday, January 26, 2018

2:00 PM
Ph.D. Finance Student Presentation/Bharat Patil (Multi-Day Event)
Research presentation by Ph.D. Finance Student Presentation/Bharat Patil

Communications - Digital Signage (Welcome to Whitman Sign)

Start Date and TimeEvent Details

Friday, January 26, 2018

11:00 AM - 12:30 PM
EEE Guest Speaker Series: Yong Li (SUNY Buffalo)

Title: When do venture capital firms retain equity shares after investee IPO?

Abstract: This study develops a real options framework on venture capital investors’ (VCs) exit strategy after investee ventures go public. IPO presents an opportunity for VCs to cash out and realize the value of their investments. Yet, many VCs choose to retain a significant ownership stake after venture IPO. Extant research suggests that VCs retain equity to signal the quality of investees. We offer the view that pre-IPO equity investment in a venture constitutes an option to divest equity post-IPO. We propose that the exit decision depends in part on the factors that determine the value of the exit option, including market uncertainty and the VC’s privileged knowledge about the value-creating potential of the venture’s assets. The empirical analysis provides supportive evidence for our argument.

Key words: venture capital, post-IPO cashout, uncertainty, asymmetric knowledge, real options

11:00 AM - 12:00 PM
Whitman Daily Visit
Daily information session for prospective Whitman students and their families
2:00 PM
Ph.D. Finance Student Presentation/Bharat Patil (Multi-Day Event)
Research presentation by Ph.D. Finance Student Presentation/Bharat Patil

Communications - Homepage

Start Date and TimeEvent Details

Friday, January 26, 2018

11:00 AM - 12:30 PM
EEE Guest Speaker Series: Yong Li (SUNY Buffalo)

Title: When do venture capital firms retain equity shares after investee IPO?

Abstract: This study develops a real options framework on venture capital investors’ (VCs) exit strategy after investee ventures go public. IPO presents an opportunity for VCs to cash out and realize the value of their investments. Yet, many VCs choose to retain a significant ownership stake after venture IPO. Extant research suggests that VCs retain equity to signal the quality of investees. We offer the view that pre-IPO equity investment in a venture constitutes an option to divest equity post-IPO. We propose that the exit decision depends in part on the factors that determine the value of the exit option, including market uncertainty and the VC’s privileged knowledge about the value-creating potential of the venture’s assets. The empirical analysis provides supportive evidence for our argument.

Key words: venture capital, post-IPO cashout, uncertainty, asymmetric knowledge, real options

11:00 AM - 12:00 PM
Whitman Daily Visit
Daily information session for prospective Whitman students and their families
2:00 PM
Ph.D. Finance Student Presentation/Bharat Patil (Multi-Day Event)
Research presentation by Ph.D. Finance Student Presentation/Bharat Patil

PhD

Start Date and TimeEvent Details

Friday, January 26, 2018

2:00 PM
Ph.D. Finance Student Presentation/Bharat Patil (Multi-Day Event)
Research presentation by Ph.D. Finance Student Presentation/Bharat Patil

Prospective Students - Prospective Undergraduate

Start Date and TimeEvent Details

Friday, January 26, 2018

11:00 AM - 12:00 PM
Whitman Daily Visit
Daily information session for prospective Whitman students and their families

Prospective Students - Prospective Undergraduate - Visit Us

Start Date and TimeEvent Details

Friday, January 26, 2018

11:00 AM - 12:00 PM
Whitman Daily Visit
Daily information session for prospective Whitman students and their families

Research - Entrepreneurship Speaker / Seminar

Start Date and TimeEvent Details

Friday, January 26, 2018

11:00 AM - 12:30 PM
EEE Guest Speaker Series: Yong Li (SUNY Buffalo)

Title: When do venture capital firms retain equity shares after investee IPO?

Abstract: This study develops a real options framework on venture capital investors’ (VCs) exit strategy after investee ventures go public. IPO presents an opportunity for VCs to cash out and realize the value of their investments. Yet, many VCs choose to retain a significant ownership stake after venture IPO. Extant research suggests that VCs retain equity to signal the quality of investees. We offer the view that pre-IPO equity investment in a venture constitutes an option to divest equity post-IPO. We propose that the exit decision depends in part on the factors that determine the value of the exit option, including market uncertainty and the VC’s privileged knowledge about the value-creating potential of the venture’s assets. The empirical analysis provides supportive evidence for our argument.

Key words: venture capital, post-IPO cashout, uncertainty, asymmetric knowledge, real options

Research - Finance Speaker / Seminar

Start Date and TimeEvent Details

Friday, January 26, 2018

2:00 PM
Ph.D. Finance Student Presentation/Bharat Patil (Multi-Day Event)
Research presentation by Ph.D. Finance Student Presentation/Bharat Patil

Visitor's Center - Prospective Undergrad

Start Date and TimeEvent Details

Friday, January 26, 2018

11:00 AM - 12:00 PM
Whitman Daily Visit
Daily information session for prospective Whitman students and their families

Visitor's Center - Prospective Undergrad - Visit Us

Start Date and TimeEvent Details

Friday, January 26, 2018

11:00 AM - 12:00 PM
Whitman Daily Visit
Daily information session for prospective Whitman students and their families

Whitman School of Management

Start Date and TimeEvent Details

Friday, January 26, 2018

2:00 PM
Ph.D. Finance Student Presentation/Bharat Patil (Multi-Day Event)
Research presentation by Ph.D. Finance Student Presentation/Bharat Patil

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