id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-1778	Cooper, Lee D.	Value-Add: An Empirical Study of Idiosyncratic Value in the 2013 Biotech IPO Market	2014	6	.pdf	application/pdf	1945	81	49	Empirical analysis continues in Part IV, revealing that pre-IPO block-holders do not liquidate their holdings following the mandatory lock-up period.22 This trading inactivity following lock-up expiries is evidence that controlling pre-public biotech investors and entrepreneurs with idiosyncratic value may view the IPO as a viable step toward maximizing firm value and not just as an “exit.” This Note demonstrates that in an industry with long-term business plans and high levels of uncertainty, value-maximizing agents (e.g., entrepreneurs, pre-public investors) can bundle boardroom control and illiquid equity holdings to pursue idiosyncratic value while mitigating concerns over agency costs.	cache/cblr-1778.pdf	txt/cblr-1778.txt