This paper studies the interplay between two defining features of technology-based firms: licensing as a commercialization strategy and the reliance on equity financing. Within the context of an IPO, we argue that the technology commercialization strategy of a firm going public affects information asymmetries and, therefore, IPO underpricing. In particular, we theorize that underpricing will be higher when a firm's technology commercialization strategy is more based on licenses. We also posit that the size of the patent portfolio will mitigate this effect. Our results from a sample of 130 IPOs in the U.S. semiconductor industry confirm these predictions.
|Titolo:||Commercialization Strategy and IPO Underpricing|
|Data di pubblicazione:||2017|
|Appare nelle tipologie:||01.1 - Articolo su rivista (Article)|
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|1-s2.0-S0048733317300756-main.pdf||Versione dell'editore||DRM non definito||Administrator|