In this paper we aim to investigate the consistency of the certification model against the adverse selection model with respect to the operational performances of venture-backed (VB) IPOs. We analyse a set of economic-financial variables an italian IPOs sample between 1995 and 2004. After non-parametric tests, to take into account the non-normal, multivariate nature of the problem, we propose a non-parametric regression model, i.e. Partial Least Squares, as appropriate investigative tool.
The evaluation of venture-backed IPOs. Certification model versus adverse selection model which does fit better?
Gangi F.;Lombardo R.
2008
Abstract
In this paper we aim to investigate the consistency of the certification model against the adverse selection model with respect to the operational performances of venture-backed (VB) IPOs. We analyse a set of economic-financial variables an italian IPOs sample between 1995 and 2004. After non-parametric tests, to take into account the non-normal, multivariate nature of the problem, we propose a non-parametric regression model, i.e. Partial Least Squares, as appropriate investigative tool.File in questo prodotto:
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