Silvio Vismara, Davide Benaroio and Federica Carne
Edited by Mario Levis and Silvio Vismara
The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.
Silvio Vismara and Michele Meoli
Spanning monetary rewards to self-enhancing goals, existing studies on individual motivations to establish academic spin-offs share a positive inclination. Nevertheless, this type of firm does not outperform other start-ups. With a longitudinal study of 559 spin-offs from 85 Italian universities in the period 1999 to 2013, and controlling for several university- and context-level factors, we find that a lack of academic job positions at a regional level results in a higher propensity to spin-offs. Accordingly, we argue that academics sometimes become entrepreneurs as a second-best solution, because of shortcomings in the market for knowledge. This effect is negatively moderated by the teaching load in technology-based spin-offs, and by administrative support in non-technology spin-offs. We argue that a lack of administrative support might create an incentive to spin-off non-technology firms replacing the role of administrative staff.
Vismara shows us that the debate over financing is centered on understanding, evaluating and improving the external funding environment for innovative start-ups. Risk is higher within early-stage venture markets because of information asymmetries as well as the absence of internally generated cash flows. To this end, the author discusses our current understanding of the various mechanisms of risk funding and their implications for policy and research.