This study attempted to explain the venture bubble as a result of the over-reaction of venture market. I, according to the methodology of De Bondt and Thaler(1985, 1988), tested the price reversal of monthly abnormal returns of venture business stock prices from January, 1999 to December, 2004. The portfolios of the stocks that realized positive anormal returns showed statistically significant price reversal which can be the evidence of over-reaction. Contrarily, the portfolios of the stocks that realized negative anormal returns showed a sign of under-reaction. This result can be interpreted that investors of venture business have over reacted to positive informations, and under reacted to negative informations. Next, I investigated the difference of price reversal between bubble period(1999~2000) and non-bubble period(2001~2002). I found that the over-reaction is concentrated at the period of venture bubble. This result show that the over-reaction of venture investors is related to venture bubble.

This study investigates the evolutionary process of U.S. investment banking firms' capability building when banks conduct Initial Public Offerings (IPOs). During the five years between 1996 and 2000, the number of Internet firms increased dramatically in the total IPOs by investment banks. Specifically, the study investigates whether prior experience plays a role as dynamic capability or as static experience, the type of learning curve the newer business is showing, and whether banks are learning from other banks. The results suggest that some environmental factors and initial experiences affect the likelihood of choosing a new business of Internet IPO rather than a non-Internet IPO. Also the banks' non-Internet IPO experience plays a significant role as dynamic capability when they face a new Internet IPO underwriting business, thus increasing the likelihood of success in underwriting Internet firms' IPOs. In addition, the mechanism of social learning among the banks seems to be influential: The likelihood of a focal bank's success in its Internet IPO is positively related to the number of Internet IPOs successfully offered by other firms recently in the market.

This study investigated the impacts of competitive strategy on management performance of venture business and the moderating effects of industrial environment(industry growth and competition intensity) between competitive strategy and business performance. Empirical date of this study, 450 companies are sampled and surveyed as subjects. And the valid questionaries being recollected totaled to 91.
The results of this study indicate that; two competitive strategies (differentiation and technology innovation) have impacts on management performance; two industrial environment factors partially moderated the relationship between competitive strategies and management performance. It also discussed some theoretical and practical implications of these results

The purpose of this research was to examine the factors that affect colleges that play an important role in technology commercialization as technology provider, as technology user engaging in technology transfer business by dividing it into institutional factor and strategic resource factor. And this study was also intended to present a strategic meaning and perspective relative to colleges and enterprises as well.
To do this, those factors that have influences on technology transfer commercialization were elicited through investigation of literatures, and classified into institutional factors and statistic resource factors to suit research purpose, and based on these information, research hypothesis and research model were established and designed.

This study explores managerial factors in the market performance of international high-tech companies. We develop a conceptual model on the transition from exploration to exploitation mode of management after the initial public offering (IPO). The data comes from the companies gone public in the NASDAQ market during the six years from November 1995 to October 2001. The results show that market exploration management after the IPO performs better over the three year period than technology exploration management. Interestingly, the CEO background is not a significant factor at this stage of corporate development.

Medium and small enterprises take essential parts of the employment and income of a developing country. Thus many countries with government-driven developmentpolicy have been using a various strategies and policies for the growth of their small and medium enterprises. And for the development of small and medium companies, financial support takes a very important role . In order to bring up venture capitals, a model for technology- integrated, fast growing small and medium enterprises, Korean government has converted to adapting market friendly financial support policy from directly supporting small and medium enterprises financially by supporting venture capitals. This kind of government’s policy lead to a growth of venture capitals in quantity due the rise of KOSDAQ market in late 90s. However, after the sudden decline of the market of KOSDAQ in year 2000, the venture capitals have been constantly shrinking and this has been regarded as structural pattern instead of a temporary trend. By examining the structure of American venture capitals and that of some domestic venture capitals, this paper focuses on searching for the cause of ongoing shrinking of venture capitals and on presenting a model which could improve the development of them and further on presenting a task for the government to shape a policy