Corporate governance and firm value for small and medium sized IPOs

The performance and the effects of family control in North African IPOs

“…The signalling effects of external business angel and private equity investors in terms of quality and the consequent reduction of asymmetric information between principals and agents has received limited attention in the literature (Chahine et al, 2007). Leading from the initial research undertaken by Chahine et al (2007) I conjecture that the informal relationship-based finance of business angels will cause a reduction in asymmetric information and underpricing owing to business angel finance arising from an extension of family networks within the wider Maghreb economy.…”

“…Leading from the initial research undertaken by Chahine et al (2007) I conjecture that the informal relationship-based finance of business angels will cause a reduction in asymmetric information and underpricing owing to business angel finance arising from an extension of family networks within the wider Maghreb economy. However in contrast to this informal network relationship finance the more formal organised, and often foreign, private equity and venture capital investment will result in an increase in underpricing (Chahine et al, 2007 …”

“…Given the North African region is dominated by family firms and an extended network of family and political ties business angel finance is likely to arise through the extension of family networks and is more likely to be positively associated with family as opposed to non-family firms (Chahine et al, 2007). However private equity and venture capital which is more formal and often involves foreign firms that are more intrusive in their control and involvement in business affairs are less likely to be involved in family firms (Chahine et al, 2007 …”

“…However private equity and venture capital which is more formal and often involves foreign firms that are more intrusive in their control and involvement in business affairs are less likely to be involved in family firms (Chahine et al, 2007 …”

Patents and the performance of technology firms: Evidence from initial public offerings in Germany

“…6.2). 8 A discussion and empirical evidence of the impact of corporate governance mechanism on underpricing of small and medium sized IPOs in France is provided in Chahine (2004). 9 For an empirical study of analyst behavior in Germany and their positive bias during the stock market boom of the 1990, see Wallmeier (2005).…”