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THE EFFECT OF STOCK MANIPULATION AND INSTITUTIONAL OWNERSHIP ON CORPORATE VENTURE CAPITAL INVESTMENTS
| Title: | THE EFFECT OF STOCK MANIPULATION AND INSTITUTIONAL OWNERSHIP ON CORPORATE VENTURE CAPITAL INVESTMENTS. |
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| Name(s): |
Li, Yuan, author Cumming, Douglas , Thesis advisor Florida Atlantic University, Degree grantor Department of Finance College of Business |
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| Type of Resource: | text | |
| Genre: | Electronic Thesis Or Dissertation | |
| Date Created: | 2024 | |
| Date Issued: | 2024 | |
| Publisher: | Florida Atlantic University | |
| Place of Publication: | Boca Raton, Fla. | |
| Physical Form: | application/pdf | |
| Extent: | 171 p. | |
| Language(s): | English | |
| Abstract/Description: | My first study proposes that stock price manipulation erodes trust, damages corporate reputation, reorients management towards short-termism, harms entrepreneurial innovation culture, and increases the cost of capital. I tested these ideas by linking stock manipulation data to corporate venture capital data for firms listed on NASDAQ and NYSE. The data indicate CVC investments in entrepreneurial firms are followed by a rise in market manipulation in the short run [-3 months, +3 months], but a decline thereafter. The data further indicates that stock manipulation harms the ability of CVCs to form investment syndicates and reduces the likelihood of successful IPO and acquisition exits. The hazard rate to IPO is 0.54 for CVC-backed firms that face market manipulation. Overall, the theory and evidence provide insights into how firm's manipulation can damage the effectiveness of their venture capital endeavors, ultimately contributing to sustainable growth and innovation. | |
| Identifier: | FA00014451 (IID) | |
| Degree granted: | Dissertation (PhD)--Florida Atlantic University, 2024. | |
| Collection: | FAU Electronic Theses and Dissertations Collection | |
| Note(s): | Includes bibliography. | |
| Subject(s): |
Venture capital Investments Stocks Finance Economics |
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| Persistent Link to This Record: | http://purl.flvc.org/fau/fd/FA00014451 | |
| Use and Reproduction: | Copyright © is held by the author with permission granted to Florida Atlantic University to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder. | |
| Use and Reproduction: | http://rightsstatements.org/vocab/InC/1.0/ | |
| Host Institution: | FAU |
