中國新上市公司（Initial Public Offerings，以下簡稱IPO）上市後經營績效大幅衰退之現象時有所聞，IPO績效變化不僅影響投資者的利益，也攸關轉型經濟過程中，中國證券市場能否有效引導社會資源的配置。本研究調查2001年至2005年間，在中國深圳以及上海交易所A股市場IPO公司經營績效變化以及可能原因，延伸討論保薦制度及政治關聯對前述現象的影響。首先測試樣本公司上市前後經營績效之差異，並調整同業平均數。實證結果指出，上市後兩年ROA及ROE(無論是否調整產業因素)皆不如上市前兩年，杜邦分析發現獲利能力衰退是造成財務績效衰退的主因。 保薦制度於2004年2月1日正式施行，藉由提升保薦人及保薦機構的執業水準，以建立市場約束機制。本研究依保薦制度實施及政治關聯分別分組，採用分群組T檢定與Wilcoxon做差異分析。實證結果顯示保薦制度下IPO公司上市前的各項財務績效較佳，顯示其能篩選體質較好公司上市；而上市後績效衰退的情形也較為趨緩，中介機構制衡機制有所發揮。政治關聯度低的低國有股公司在上市前的各項財務績效指標較高國有股公司好，推論政治關聯可能影響上市機會，使其上市前需極大化自身績效；相對而言，上市後較難維持績效。 進一步分析績效衰退原因，本研究比較各期間IPO公司各項應計數變化。實證結果顯示。整體而言上市後總應計、流動應計數、營業相關應計數以IPO當年呈倒V型，有上市後反轉的現象，並與經營活動現金流量變動呈反向變動，推論與盈餘操縱有關；保薦制度的在應計數反轉現象沒有顯著抑止效果，而政治關聯度低的IPO公司亦沒有顯著操縱應計數的現象以極大化上市前經營績效。最後，代理問題探討中結果顯示，董監持股變動以及大股東持股變動與績效衰退顯著相關，符合利益一致假說。 / The article investigates whether there is a significant change in financial performance of firms after they went to public for the period between 2001 and 2005 in China A –share market. First, we use ROA and ROE as main performance index. The results indicate a significant decline in ROA and ROE. Following Du Pont framework, return on sales is the most important reason about the decline. Second, we find under new Sponsor’s System, IPO firms had better perfomanace before they went public and they suffered less declined after IPO. We also find the low political connection firms maximize financial performance before they went public to win the IPO opportunity, and they hardly maintain operating performance. At last, we examine the reason for financial performance decline. We compared the change between accruals and operating cashflow the period of IPO for inspecting wether earnings management existed. The empirical results indicate IPO firms maximize accruls when IPO.This study also indicates a significant correlation between post-IPO performance and agency problem.

Pirminių viešų siūlymų reikšmė yra itin aktuali finansų krizės nuniokotose rinkose, nes pirmieji vieši vertybinių popierių siūlymai yra alternatyva įprastiniam skolinimuisi ir galėtų išjudinti stagnacijos apimtas rinkas. Jie padėtų kompanijoms pritraukti lėšas bei plėtoti verslus, pritraukiant finansinius išteklius ir nukreipiant juos pelningoms investicijoms ar kitiems poreikiams tenkinti. Sėkmingas pirminis viešas siūlymas kompanijos suteikia ne tik galimybę pritraukti gana dideles garantuotas lėšas, bet ir stabiliai augančias akcijų kainas biržose. Po sėkmingų pirminių viešų siūlymų kompanijos netgi turi geresnes skolinimosi galimybes įprastiniu būdu bei didesnį pasitikėjimą užsienio rinkose. Darbo objektas – pirminių viešų siūlymų pradinės kainos Baltijos šalyse. Darbo tikslas – išnagrinėti ir įvertinti pirminio viešo siūlymo pradinės kainos efektyvumą ir ją įtakojančius veiksnius Baltijos šalių rinkose. Šiam tikslui pasiekti iškelti šie svarbiausi uždaviniai:  Išanalizuoti pirminio viešo siūlymo ypatybes, tikslus, privalumus ir trūkumus;  Išnagrinėti emisijos platinimo būdus bei pirminės viešos emisijos procesą, jos įkainojimo aspektus;  Atlikti Baltijos biržų pirminės rinkos analizę,  Atlikti pirminių viešų vertybinių popierių siūlymų pradinės kainos efektyvumo tyrimą Baltijos šalių rinkose;  Remiantis atlikta teorijos analizė bei praktiniais tyrimais suformuluoti išvadas ir pasiūlymus. Darbo struktūra. Darbas suskirstytas į tris... [toliau žr. visą tekstą] / The Initial public offering value is particularly relevant to markets affected by the the financial crisis since the initial public offering of securities is an alternative to the conventional borrowing and could cure the stagnation of the market. IPO helps companies to raise funds and develop their business by attracting financial resources and using them for profitable investments or other needs. A successful initial public offering not only provides the ability to raise enough funds, but also guarantees high, but steadily rising share prices on stock exchanges. After a successful initial public offering, the company has even greater possibilities for the routine borrowing and the greater confidence in foreign markets. The object of this paper work – initial prices of IPO‘s in the Baltic market. The goal of this paper work – research and evaluation of the Initial price Efficienty, factors, which have influence on it in the Baltic IPO market. The main tasks of the paper are as follows: 1. analyze characteristics of IPO, it‘s gals, advantages and disadvantages; 2. study of offerings types and the process of IPO , pricinig aspects; 3. analyze the Baltic initial market; 4. research of the Initial price Efficienty in the Baltic IPO market; 5. formulate conclusions and recommendations according the performed theoretical analysis and practical research. This paper work consists of three main parts. In the first part the conception of IPO and it‘s basic characteristics are given... [to full text]

The thesis discusses a category of cultural heritage that has been labelled "Sami circular offering sites", aiming to establish some basic facts about their origin, distribution and use, as well as their cultural and socio-political context and influence. The stone enclosures in question have been interpreted as Sami offering sites since the mid-19th century, but a discourse analysis of the research history indicates that this may have been based on a scholarly hypothesis rather than ethnographic or archaeological evidence. Furthermore it is questioned if all the structures that are currently included in this category are in fact remains of the same cultural practice. This is investigated through surveys of 81 suggested circular offering sites in Norway, two excavations and analyses of the find material. The large stone enclosures in counties Finnmark and Troms that were first categorised in this way prove to have quite consistent builds and measurements and a find material mainly dating between the 13th and 17th centuries. These structures are here labelled type 1. In contrast, constructions that have later been added to the category, particularly in other areas, have other and less consistent characteristics and seem to include remains of a range of different activities. They are here divided into two generic types 2 and 3. The thesis further discusses alternative interpretations for the type 1 structures, concluding that their materiality, construction, location, topography and finds are consistent with archaeological, historical and ethnographic evidence for wolf traps. Their distribution indicates a regional Sami cultural practice related to inland winter habitation and travel routes, while also apparently coinciding with the Russian/Karelian taxation area in northern Norway in the Middle Ages. Thus the builds may have been inspired by the fur trade or other activities of the latter groups. It is uncertain when exactly the installations fell into disuse, as datings are calibrated to AD 1450-1650. The abandonment could be related to the decline of Novgorod as a fur trade centre, Russian loss of taxation rights in northern Norway, increased Swedish impact in the inland areas and Norwegian activity along the coasts, which all led to changes in administration, taxation, trade patterns and demand for furs. The contemporary decimation of the wild reindeer population, increased reindeer herding and introduction of new weapons like crossbows, guns and foothold traps, may all have made permanent trapping installations less useful. The sites may, however, have gone out of use at different times. Certain finds of marrow split bones, very recent coins and other objects suggest a later reconceptualisation of some structures as offering sites, whether as a local explanation or inspired by the later scholarly definition. Throughout the thesis, the construction and distribution of the archaeological category and the preference for the ritual or religious interpretation are discussed as results of specific socio-political contexts, where stereotypical notions about Sami identity and culture have had a strong impact. The thesis explores how academic and other narratives influence each other within certain discourses of power and indigenous "rights and rites", and the continuous mutual impact on individual actions and emotions through networks of people, power and things. The present reinterpretation challenges existing academic and local narratives. It is based on the materiality of the structures, but the offering site explanation is not positively refuted. Yet, as part of an authorised heritage discourse, the present statement is more likely to impact future categorisation and practices than other narratives within other discourses, expressing a persistent and inherent power inequality. This may be ethically problematic in the context of an indigenous minority, but it may also be argued that the role of the archaeologist expert is precisely to expose the insisting materiality of the past and the power/knowledge networks that promote specific narratives about it.

The focus of this thesis will be an exegesis of the term burnt offering in Old Testament. The diploma thesis deals with the location of the cult (Tent of Meeting, temple), priests in Israel, human offerings and reconstruction of ritual burnt offerings with an evaluation of particular acts based on translation and interpretation of the first chapter of Leviticus. The purpose of this work is to detect, what function and meaning this ritual had for the community of Israel, as well as what message the texts contain, with respect to burnt offerings for the current reader.

Background: A public offering or "Initial Public Offering" means that a company is transferred from being unlisted to trading on a stock exchange. When a company is listed, the company needs to establish a prospectus. This document is meant to give potential investors information about the operations in the company with both historical financial data and more descriptive information. The prospectus should therefore contain all necessary information needed to make a well-founded assessment about the IPO. Historically IPOs have tended to overperform in the short term and have an underperformance in the long run compared with already listed companies. Purpose: The purpose of the study was to identify the general return patterns for IPOs in Sweden in both short-term and in the long run. The study also aims to investigate whether the company's prospectus published in connection with the IPO can explain these yield patterns. Methodology: The general return patterns have been calculated using the Buy and Hold Abnormal Return (BHAR) and Cumulative Abnormal Return (CAR) methods. The raw returns shown by the IPOs have been adjusted to the chosen reference index to determine whether an over- or underperformance has taken place. In addition, several multiple regressions have been conducted to determine whether selected variables can explain the abnormal return shown by IPOs. Conclusion: The study results shows that the initial return on the first day of the 2007-2014 period was an average of 2.82% for the study's selection of 45 public offerings from Stockholmsbörsen and First North. The IPOs showed a negative trend with an underperformance in the first three months. The result for the short term is thus not consistent with previous research in IPOs. In the long run, however, the study's selection shows an underperformance of -12.85% measured with BHAR and -24.13% with CAR. This result is consistent with previous studies in other markets. Furthermore, only one of the selected variables, the initial return, could to some extent (16.8%) explain the abnormal return for the first month. The other variables were not statistically significant in any of the studied periods. / Bakgrund: En börsintroduktion eller "Initial Public Offering" innebär att ett företag övergår från att vara onoterad till att handlas på en aktiebörs. I samband med att ett företag börsnoteras behöver företaget upprätta ett prospekt. Detta dokument ska ge potentiella investerare information om verksamheten av både beskrivande kvalitet och historiska finansiella data som kan kvantifieras av investeraren. Ett prospekt bör således innehålla all nödvändig information för att göra en välgrundad bedömning. Vidare har börsintroduktioner historiskt visat att dessa tenderar att överprestera på kort sikt och underpresterar på lång sikt jämfört med redan börsnoterade företag. Syfte: Syftet med studien var att identifiera generella avkastningsmönster för börsintroduktioner på kort- och lång sikt i Sverige. Studien ämnar även att undersöka om företagets prospekt som publiceras i samband med börsintroduktionen kan förklara dessa avkastningsmönster. Metod: De generella avkastningsmönstrena har beräknats med hjälp av metoden Buy and Hold Abnormal Return (BHAR) och Cumulative Abnormal Return (CAR). Avkastningen som börsintroduktionerna uppvisar har justerats till valt referensindex för att avgöra huruvida en över- eller underprestation har skett. Vidare har flertal multipla regressioner genomförts för att fastställa om utvalda variabler kan förklara den abnormala avkastningen som börsintroduktioner uppvisar. Slutsats: Studiens resultat visar att den initiala avkastningen första dagen under perioden 2007–2014 var i genomsnitt 2,82% för studiens urval på 45 stycken börsintroduktioner på Stockholmsbörsen och First North. Börsintroduktionerna visade på en negativ trend med en underprestation de första tre månaderna. Resultatet för kort sikt överensstämmer således inte med tidigare forskning inom börsintroduktioner. På lång sikt däremot uppvisar studiens urval en underavkastning på -12,85% mätt med BHAR och -24,13% med CAR. Detta resultat överensstämmer med tidigare studier på andra marknader. Vidare kunde endast en av de utvalda variablerna, den initiala avkastningen, till en viss grad (16,8%) förklara den abnormala avkastningen på en månad. De andra variablerna var inte statistiskt signifikanta i någon av undersökningsperioderna.

Les pays de la zone OHADA observent, depuis une dizaine d’années, un accroissement significatif des opérations de capital-investissement. Les perspectives économiques encourageantes, la relative stabilité politique dans la région ainsi que les prévisions démographiques font de la zone OHADA une cible de premier choix pour les fonds d’investissement, qui y trouvent de formidables opportunités d’investissement et de croissance. Cette nouvelle dynamique nous appelle à nous interroger sur la faculté du droit OHADA à répondre aux exigences juridiques exprimées par ces nouveaux acteurs économiques lors de la conduite de leurs opérations. Cette thèse se propose d’analyser, dans une perspective comparative avec le droit français, les principaux enjeux juridiques du capital-investissement en droit OHADA. Ainsi, y seront étudiés les outils juridiques de prise de participation, la gestion des sociétés cibles, notamment à travers la pratique des pactes d’actionnaires, et enfin, les modalités de sortie de l’investissement. L’objectif annoncé est de déceler les forces et les faiblesses du régime actuel du droit OHADA à l’épreuve des exigences du capital-investissement / In the last decade, the OHADA countries have seen a significant increase in private equity transactions. The OHADA region’s economic outlook, relative political stability and projected population growth make the region of prime interest to investment funds due to tremendous growth and investment opportunities. This new dynamic makes it important to consider OHADA law’s ability to meet the legal requirements of private equity funds in structuring and conducting their operations.This thesis (i) analyses the main legal issues for private equity under OHADA law and (ii) compares the handling of such issues under OHADA law with their handling under French law. As such, this thesis addresses the legal instruments for taking ownership interests, management rules for target companies (including shareholder agreements), and exit strategies. The objective of such analysis is to identify the strengths and weaknesses of the current OHADA law regime from a private equity perspective

Même si le droit uniforme OHADA, à travers notamment l'Acte uniforme relatif au droit des sociétés commerciales et du GIE, réglemente certains aspects du droit financier (les valeurs mobilières et l'Appel public à l'épargne), il faut reconnaitre que cette discipline juridique échappe dans une large mesure à l'oeuvre d'harmonisation du législateur OHADA. La conséquence logique de cette situation est la faible implication du droit uniforme OHADA dans l'interconnexion des marchés financiers de son espace, la réglementation de marchés financiers étant principalement prise en charge par la CEMAC et l'UEMOA. Ainsi, étant donné que tous les États membres de ces deux organisations sont aussi membres de l'OHADA et que cette dernière a non seulement une vocation continentale mais aussi un objet spécifique, l'intégration du droit des affaires dont le droit financier est du reste une composante, il est souhaitable que l'OHADA joue un rôle plus prépondérant en matière de droit financier. La solution idéale est de voir que l'OHADA intégrer le droit financier parmi les matières relevant du droit des affaires et adopter de ce fait un Acte uniforme relatif au droit financier. Néanmoins, pour éviter tout chevauchement de compétences avec les autres législateurs de la zone, la coopération et la concertation devront être privilégiées. / Even if the OHADA, through the Uniform Act on the commercial companies and economic interest groups (AUSC), regulates certain aspects of the finance law (Bonds, shares, public offering), it is necessary to recognize that this legal discipline escapes to a large extent the work of harmonization of the OHADA legislator. The logical consequence of this situation is the weak implication of the OHADA unified law in the interconnection of the financial markets of its space, the rule of financial markets being mainly taken care by the CEMAC and the UEMOA. So, given that all the member states of these two organizations are also members of the OHADA and given that this last one has a continental vocation and a specific object, the integration of the business law, it is desirable that the OHADA plays a more dominating role in finance law. The ideal solution is to see the OHADA registering the finance law among the subjects of the domain of the business law and therefore adopt a uniform act on the finance law. Nevertheless, to avoid any overlapping of competence with the other legislators of the zone, the cooperation and the dialogue must be privileged.

O presente trabalho buscou investigar, sob a perspectiva da Teoria da Sinalização, o papel certificador dos fundos de Private Equity e Venture Capital (PE/VC) sobre a qualidade das empresas estreantes na BM&FBovespa (IPOs). Para isso, propôs-se um estudo de evento visando constatar a existência de retornos anormais acumulados (proxy para qualidade dos IPOs) em carteiras de investimentos compostas por ações provenientes dos IPOs realizados na BM&FBovespa, no período de janeiro de 2004 a dezembro de 2007. As hipóteses do trabalho foram verificadas por meio de três procedimentos distintos: teste de médias, método CAPM e regressões CAR. Os resultados dos testes de médias indicaram que os IPOs de empresas investidas por fundos de PE/VC apresentaram desempenhos de curto, médio e longo prazo (até 5 anos) superiores e estatisticamente significantes em relação às empresas não investidas. Além disso, os resultados demonstraram que quanto maior a participação dos fundos de PE/VC na empresa investida, melhor o desempenho de longo prazo. Os resultados do método CAPM indicaram que os retornos observados dos IPOs foram inferiores aos retornos esperados, dado o nível de risco assumido. As regressões CAR verificaram se a presença de fundos de PE/VC explica retornos anormais positivos dos IPOs, após controle de outros fatores. As evidências encontradas sugerem que a presença de fundos de PE/VC nas empresas estreantes na BM&FBovespa possui efeito positivo sobre os retornos anormais acumulados dos IPOs e, quanto maior a participação acionária detida pelo fundo de PE/VC na empresa, no momento imediatamente anterior ao IPO, maiores os retornos anormais acumulados de longo prazo. Em geral, os retornos das amostras analisadas foram inferiores ao desempenho do índice Ibovespa, podendo ser um reflexo da crise financeira mundial, com maior impacto sobre empresas com histórico recente na bolsa (IPOs), em relação às empresas tradicionais (blue chips) que integram o Ibovespa. / This study investigated, under the perspective of Signaling Theory, the certifier role of Private Equity and Venture Capital investments (PE/VC) on the quality of initial public offerings (IPOs) at BM&FBovespa. It was proposed an event study in order to examine the existence of cumulative abnormal returns (proxy for IPOs quality) in portfolios composed of stocks from the IPOs occurred on BM&FBovespa, from January 2004 to December 2007. The hypotheses of this study were verified by three different procedures: test for equality of means, CAPM method and CAR regressions. The tests for equality of means suggested that the companies that received investments of PE/VC, before the IPOs, had statistical significant short, medium and long-term performances (up to 5 years) higher than non-invested companies. Besides that, the results showed that the higher the equity PE/VC held in the companies, before the IPO, better the long-term yield. The CAPM method indicated that the observed returns were lower than the expected returns, given the level of risk assumed. CAR regressions examined whether the presence of PE/VC explains positive abnormal returns of the IPOs, after controlling for other factors. The evidence suggests that the presence of PE/VC has positive effect on the cumulative abnormal returns on the IPOs, and the higher the equity held by the PE/VC in the firm, immediately before the IPO, the greater the long-term cumulative abnormal returns. In general, the returns of the samples were below Ibovespa index, which may be a reflection of the global financial crisis, with greater impact on companies with recent history in the stock market (IPOs), compared to traditional firms (blue chips) that integrate Ibovespa.

O presente trabalho buscou investigar, sob a perspectiva da Teoria da Sinalização, o papel certificador dos fundos de Private Equity e Venture Capital (PE/VC) sobre a qualidade das empresas estreantes na BM&FBovespa (IPOs). Para isso, propôs-se um estudo de evento visando constatar a existência de retornos anormais acumulados (proxy para qualidade dos IPOs) em carteiras de investimentos compostas por ações provenientes dos IPOs realizados na BM&FBovespa, no período de janeiro de 2004 a dezembro de 2007. As hipóteses do trabalho foram verificadas por meio de três procedimentos distintos: teste de médias, método CAPM e regressões CAR. Os resultados dos testes de médias indicaram que os IPOs de empresas investidas por fundos de PE/VC apresentaram desempenhos de curto, médio e longo prazo (até 5 anos) superiores e estatisticamente significantes em relação às empresas não investidas. Além disso, os resultados demonstraram que quanto maior a participação dos fundos de PE/VC na empresa investida, melhor o desempenho de longo prazo. Os resultados do método CAPM indicaram que os retornos observados dos IPOs foram inferiores aos retornos esperados, dado o nível de risco assumido. As regressões CAR verificaram se a presença de fundos de PE/VC explica retornos anormais positivos dos IPOs, após controle de outros fatores. As evidências encontradas sugerem que a presença de fundos de PE/VC nas empresas estreantes na BM&FBovespa possui efeito positivo sobre os retornos anormais acumulados dos IPOs e, quanto maior a participação acionária detida pelo fundo de PE/VC na empresa, no momento imediatamente anterior ao IPO, maiores os retornos anormais acumulados de longo prazo. Em geral, os retornos das amostras analisadas foram inferiores ao desempenho do índice Ibovespa, podendo ser um reflexo da crise financeira mundial, com maior impacto sobre empresas com histórico recente na bolsa (IPOs), em relação às empresas tradicionais (blue chips) que integram o Ibovespa. / This study investigated, under the perspective of Signaling Theory, the certifier role of Private Equity and Venture Capital investments (PE/VC) on the quality of initial public offerings (IPOs) at BM&FBovespa. It was proposed an event study in order to examine the existence of cumulative abnormal returns (proxy for IPOs quality) in portfolios composed of stocks from the IPOs occurred on BM&FBovespa, from January 2004 to December 2007. The hypotheses of this study were verified by three different procedures: test for equality of means, CAPM method and CAR regressions. The tests for equality of means suggested that the companies that received investments of PE/VC, before the IPOs, had statistical significant short, medium and long-term performances (up to 5 years) higher than non-invested companies. Besides that, the results showed that the higher the equity PE/VC held in the companies, before the IPO, better the long-term yield. The CAPM method indicated that the observed returns were lower than the expected returns, given the level of risk assumed. CAR regressions examined whether the presence of PE/VC explains positive abnormal returns of the IPOs, after controlling for other factors. The evidence suggests that the presence of PE/VC has positive effect on the cumulative abnormal returns on the IPOs, and the higher the equity held by the PE/VC in the firm, immediately before the IPO, the greater the long-term cumulative abnormal returns. In general, the returns of the samples were below Ibovespa index, which may be a reflection of the global financial crisis, with greater impact on companies with recent history in the stock market (IPOs), compared to traditional firms (blue chips) that integrate Ibovespa.

Cette thèse s’interesse à l’étude des effets des sociétés de Capital-Investissement (SCI) sur la performance des introductions en bourse. La démarche suivie pour argumenter cette thèse nous a conduits, dans une première partie, à justifier notre positionnement théorique et à définir nos hypothèses de recherche. Cette étape nous a orientée vers l’analyse des caractéristiques des introductions en bourse et l’analyse du rôle des SCI notamment sur le marché des introductions en bourse. Nous avons construit une argumentation autour du rôle des SCI en matière de résolution des asyémtries informationnelles caractérisant les sociétés introduites en bourse. Les SCI, étant dotées d’une capacité à concevoir des contrats, d’un réseau de connaissance et d’une expertise, pourraient atténuer les conflits d’agence et émettre un signal positif sur le marché d’IPOs. En revanche, ces sociétés pourraient se retrouver face au problème de sélection adverse au moment de la décision d’investissement et/ou adopter un comportement opportuniste pour servir leurs intérêts. La vérification empirique de cette problèmatique est développée dans la deuxième partie de notre thèse. Elle consiste à comparer la performance à court et à long terme des sociétés financées de celles non financées par CI, ensuite analyser cette performance en foction de l’affiliation institutionnelle des SCI et enfin, expliquer cette performance en fonction de la réputation des SCI et des stratégies d’intermédiation de celles-ci, notamment la syndication, le financement séquentiel et la distribution des droits aux cash-flows et au contrôle / In this dissertation, it is tried to understand the effects of Venture Capital Firms (VCF) on the performance of VC-backed listed companies in France. To do this research, we try to develop, in the first part, theoretical framework and define research hypothesis. This part leads us to examine characteristics of initial public offerings (IPOs) and the role of venture capitalists particularly in conducting an IPO. We develop the argument around the role of VCF in resolving informational problems, characteristics of IPO’s market. A VCF, being specialists to draw up contract with entrepreneurs and possessing expertise and knowledge network, could diminish conflicts of interests and certify IPOs. However, these firms could run a problem of adverse selection and/or adopt opportunistic behaviour to serve their own interests. The empirical validation of this problem is dealt with in second part of this dissertation. It consists, in first place, to compare performance of VC backing IPOs to Non-VC backing IPOs. In second place, we determine the relation between the performance of VC backing IPOs and the institutional affiliation of VCF. In last part, we test explanatory power of reputation of VCF and their mechanisms of intermediation, particularly, syndication, staged financing and distribution of cash-flows and control rights