Permalink : http://hdl.handle.net/2115/5397

KEYWORDS : Venture Capital, IPO

Venture Capital (VC) business is getting started to attract some attention. In Japan, venture capital industry has diverse portfolios including retail and whole sale businesses despite the fact that venture capitalist invest in high-tech companies. This article tests whether venture capital investment does have an impact on initial returns. The findings show that neither the number nor the share venture capitalist is satisfactory on the level of initial returns. (JEL G15, G24)