Initial Public Offerings constitute one of the most important activities in corporate finance, bringing substantial amounts of new capital to the corporate sector. Floating stock is a commonly used method for companies to gain new capital for new investments, to refinance their investments, or to adjust their debt/equity ratio. In this paper we will examine Central and Eastern Europe IPO in terms of initial and long-run returns. Warsaw Stock Exchange (WSE) is currently among the leading European stock markets in terms of initial public offerings. The IPO activity on the Polish capital market contrasts sharply with the number of new listings performed in other Central and Eastern European countries (CEE) however all region is important in terms of capital market. The main goal of the paper is to examine IPOs and its underpricing in the period 2000-2012 on the stock exchanges of Warsaw,

Data on VC and PE efficiency shows that the overall efficiency of VCbacked firms is higher than that of non-VC-backed firms at every point in time. This efficiency advantage of VC-backed firms arises from both screening and monitoring. The efficiency of VC-backed firms prior to receiving financing is higher than that of non-VCbacked firms, and further, the growth in efficiency subsequent to VC financing is greater for such firms. The above increases in efficiency of VC-backed firms are spread over the first two rounds of VC financing after which the TFP of such firms remains constant until exit. Overall efficiency gains generated by VC backing arise primarily from improvements in sales, the efficiency gains of high-reputation VC-backed firms arise also from lower increases in production costs. Finally, we show that VC backing and the associated efficiency gains positively affect the probability of a successful exit.

The aim of this paper is to present secondary market as new source for liquidity for venture capital funds as IPO transactions tend to be less available for smaller companies. Changing trend on IPO market especially in US and Europe has brought the question on exit possibilities for venture capital funds as well as for their fundraising. Emerging of the secondary market helped the investor to maintain liquidity and enable small companies to retain financing form venture capital funds. This paper analyse the cause of the second market development and discusses its benefits.

Venture capital funds and private equity funds are classified in the financial market as an alternative investment. The cycle of high-risk investment funds consists of three main successive phases. The first one is to raise funds from investors and then invest them actively. The level of invested funds collected and is influenced by many factors, among which the most important seems to be the degree of development of the capital market, the historical rate of return of funds and the market rate. The aim of the article is to analyze the influence of changes in the reference interest rate in the period 1998-2013 on the Polish market to the level obtained and invested funds through venture capital funds and private equity funds.