The performance of entrepreneurial companies post-listing on the New Zealand Stock Exchange

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dc.contributor.authorLocke, Stuart
dc.contributor.authorGupta, Kartick
dc.coverage.spatialConference held at Singaporeen_NZ
dc.date.accessioned2009-02-03T02:26:05Z
dc.date.available2009-02-03T02:26:05Z
dc.date.issued2008
dc.description.abstractThe paper reports an investigation of the returns obtained on a listed portfolio of entrepreneurial companies comparing these with a portfolio of listed small businesses and the stock market overall. The initial findings produce counter-intuitive results in that the returns on the portfolio of entrepreneurial companies appear to be less than those for other small companies and for the market overall. Further, initial public offerings of entrepreneurial companies appear to be overpriced and suffer a price decline post-listing that takes approximately a year and a half to recover. An implication of such results is that money will not flow to the entrepreneurial firms, which may have unfavourable longer-term consequences for economic growth. Various government polices are directed towards achieving sustainable economic growth through the smaller business sector and encouraging these businesses to expand and list on the stock exchange. The overpricing of IPOs and lower returns are not likely to encourage investor support for the entrepreneurial companies, making it difficult for these policies to succeed.en
dc.identifier.citationLocke, S. & Gupta, K.(2008). The performance of entrepreneurial companies post-listing on the New Zealand Stock Exchange. Venture Capital, 10(1), 87-110.en
dc.identifier.doi10.1080/13691060701605454en
dc.identifier.urihttps://hdl.handle.net/10289/1987
dc.language.isoen
dc.relation.isPartOfVenture Capitalen_NZ
dc.relation.urihttp://www.informaworld.com/smpp/content~content=a788231052~db=all~order=pageen
dc.sourceSMU EDGE 2006 Conferenceen_NZ
dc.subjectentrepreneurial companiesen
dc.subjectpost-listing returnsen
dc.subjectIPOsen
dc.titleThe performance of entrepreneurial companies post-listing on the New Zealand Stock Exchangeen
dc.typeJournal Articleen
pubs.begin-page87en_NZ
pubs.elements-id17048
pubs.end-page110en_NZ
pubs.finish-date2006-07-05en_NZ
pubs.issue1en_NZ
pubs.start-date2006-07-03en_NZ
pubs.volume10en_NZ
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