Signaling and the Valuation of Unseasoned New Issues
作者:
DAVID H. DOWNES,
ROBERT HEINKEL,
期刊:
The Journal of Finance
(WILEY Available online 1982)
卷期:
Volume 37,
issue 1
页码: 1-10
ISSN:0022-1082
年代: 1982
DOI:10.1111/j.1540-6261.1982.tb01091.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
ABSTRACTThis paper is an empirical examination of the relation between firm value and two potential actions by entrepreneurs attempting to signal to investors information about otherwise unobservable firm features. The signals investigated are the proportion of equity ownership retained by entrepreneurs and the dividend policy of the firm; both signals are hypothesized to be positively related to firm value. Using a sample of unseasoned new equity issues, the empirical results are consistent with the entrepreneurial ownership retention hypothesis, but the dividend signaling hypothesis is rejected.
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