The article looks at how venture capitalists affect the performance of companies when they go public in Germany. The researchers studied IPOs from 1997 to 2002 and found that the ownership structure of banks, firms, and venture capitalists did not significantly impact IPO performance. They also discovered that during IPO waves, the quality of firms going public tends to decrease over time. Interestingly, many firms that were delisted from the stock market had venture capitalists as their largest shareholders, possibly due to the higher risk of these firms or the venture capitalists' desire to sell shares of lower-quality firms towards the end of the IPO wave.