Bhattacharya, Utpal
[VerfasserIn]
;
Borisov, Alexander
[Sonstige Person, Familie und Körperschaft];
Yu, Xiaoyun
[Sonstige Person, Familie und Körperschaft]
Anmerkungen:
In: Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 14, 2012 erstellt
Beschreibung:
We construct a mortality table for U.S. public companies during 1985-2006. We find that firms' age-specific mortality rates initially increase, peaking at age three, and then decrease with age, implying that the first three years of public life are critical. Financial intermediaries involved around the public birth of a firm — venture capitalists (VCs) and high-quality underwriters — are associated with lower firm mortality rates, sometimes for up to seven years after the IPO. VCs reduce mortality rates more through natal financial care than through selection, whereas high-quality underwriters affect firm mortality more through selection