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Signaling and the Valuation of Unseasoned New Issues
Abstract
This 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...
Paper Details
Title
Signaling and the Valuation of Unseasoned New Issues
Published Date
Mar 1, 1982
Journal
Volume
37
Issue
1
Pages
1 - 10
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Notes
History