How do founder characteristics and governance structures affect the price and performance of IPOs: a multiple case study analysis of the five largest U.S. Tech IPOs between 2010 and 2019
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2023-11-27
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Sarfati, Gilberto
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This thesis delves into signals emanating from founders and corporate structures and their impact on investor decisions during the Initial Public Offering (IPO) phase. Despite the inherent information asymmetry in IPOs, research has indicated that pre-IPO companies actively transmit signals to potential investors. This thesis seeks to scrutinize the role of founder attributes in shaping IPO investor perceptions, influencing market valuations, and impacting IPO performance through a blend of empirical research and comprehensive case studies. Furthermore, this study examines the significance of corporate structures instituted by founders and CEOs to establish an equilibrium of power among shareholders, particularly through dualclass share structures. This thesis analyzes the five largest U.S. tech IPOs between 2010 and 2019: Facebook, Twitter, Snap, Lyft and Uber.