Refer to the second and third columns of Table $5,$ Panel A$,$ and also to the relevant portions of Panel B$,$ to answer the following. Do the results suggest that less experienced venture capitalists are better than, worse than, or similar to more experienced venture capitalists in their ability to time IPOs to occur in hot IPO markets? $($You do not need to address whether or not either type of venture capitalist times private financings.$)$ Explain how you know, and provide the specific numbers from Panel A and Panel B that you use to reach your answer.Table $11\mathrm{.}5$

Biotechnology equity prices around public and private financings for privately held venture$-$backed biotechnology companies, divided by the age of the

oldest venture investor in the firm. The sample consists of $750$ IPOs and private financings between January $1978$ and September $1992$ by firms that had

already received venture capital. The table presents the level of a biotechnology equity index,a and the changes in equity prices in the three months before

and after the financing. The table also compares the means and medians of these variables for firms whose oldest venture capitalist is above and below the

median age.

Panel A: Biotechnology equity prices

Mean level of

biotechnology index

$136$ initial public offerings

Firms whose oldest venture

investor is above the median

age

Firms whose oldest venture

investor is below the median

age

$614$ private financings

Firms whose oldest venture

investor is above the median

age

Firms whose oldest venture

investor is below the median

age

Mean raw "buy$-$and$-$hold" returns from

biotech equities around financing date

Trading days

Trading days

$60$ to $1$

$0$ to $59$

$4\mathrm{.}31$

$12\mathrm{.}5\%$

$-6\mathrm{.}8\%$

$3\mathrm{.}80$

$7\mathrm{.}4\%$

$-2\mathrm{.}4\%$

$3\mathrm{.}08$

$5\mathrm{.}1\%$

$6\mathrm{.}6\%$

$3\mathrm{.}03$

$4\mathrm{.}0\%$

Panel B: Tests of differences in means and medians

p$-$value

Tests using firms whose oldest venture investor is above the median age

Wilcoxon test, median equity index on date of IPO $=$ median equity index on date of private financing

$0\mathrm{.}00$

t$-$test, mean return in $60,1$ window prior to IPO $=$ mean return in $60,1$ window prior to private financing

$0\mathrm{.}00$

t$-$test, mean return in $0,59$ window after IPO $=$ mean return in $0,59$ window after private financing

$0\mathrm{.}00$

Tests using firms whose oldest venture investor is below the median age

Wilcoxon test, median equity index on date of IPO $=$ median equity index on date of private financing

$0\mathrm{.}00$