INFORMATION ASYMMETRY AND EQUITY ISSUES

被引:168
作者
DIERKENS, N
机构
[1] INSEAD, Boulevard de Constance, 77305, Fontainebleau Cedex
关键词
D O I
10.2307/2331264
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
The paper examines the relevance of information asymmetry between the managers of the firm and the market for the equity issue process. It uses four proxies for information asymmetry and presents three groups of tests: cross-sectional regressions of the reaction at equity issue announcements, comparisons of information asymmetry before and after the announcements, and analyses of the timing behavior observed during the equity issue process. The results show that information asymmetry is a significant variable for equity issues. © 1991, School of Business Administration, University of Washington. All rights reserved.
引用
收藏
页码:181 / 199
页数:19
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