Seminars of Corporate Finance Innovation Team based on International Perspective
Topic：Pre-IPO Financing in Newly Public Firms
Abstract: Approximately one-third of all IPO firms have raised money through syndicated loans prior to the IPO. We posit and find support for the premise that syndicated loans provide a variety of benefits to firms, and that these benefits differ markedly from those provided by venture capital financing. While venture capitalists exert substantial influence prior to the IPO, they tend to exit soon after. In contrast, firms with bank loans enjoy benefits that last long after the IPO, in particular enhanced access to external financing. Among a set of firms that are likely financially constrained, the value of such benefits is marked.
Lecturer：Michelle Lowry，PHD, finnace professor of Pennsylvania State University,published more than 10 papers on Journal of Finance、Journal of Financial Economics、Review of Financial Studies、Journal of Accounting and Economics，associate editor of Journal of Financial Economics and Review of Financial Studies.
Venue: Boxue 1227
Time: Jul, 5th, 10am(meals after the meeting)
Welcome to attend!