After five years post listing,venture-backed IPOs earn a cumulative return of:

Question

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Brav and Gompers (1997)analyse the long-run performance of venture-backed IPOs in comparison to non-venture-backed IPOs.The results support superior returns being earned by the venture-backed sample.Specifically,after five years post listing,venture-backed IPOs earn a cumulative return of 45% on average compared to a return of only 23% for non-venture-backed IPOs.

After Five Years Post Listing,venture-Backed IPOs Earn a Cumulative Return 16% 16 \% 16%

After Five Years Post Listing,venture-Backed IPOs Earn a Cumulative Return $16 \%$