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.
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Gangi, F., Lombardo, R. (2008). The Evaluation of Venture-Backed IPOs – Certification Model versus Adverse Selection Model, Which Does Fit Better?. In: Preisach, C., Burkhardt, H., Schmidt-Thieme, L., Decker, R. (eds) Data Analysis, Machine Learning and Applications. Studies in Classification, Data Analysis, and Knowledge Organization. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-78246-9_60
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DOI: https://doi.org/10.1007/978-3-540-78246-9_60
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