Signalling and the Valuation of Unseasoned New Issues Revisited

Itzhak Krinsky · Wendy Rotenberg

67 citations0/0 files storedJournal of Financial and Quantitative Analysis

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Corporate Finance and Governance Financial Markets and Investment Strategies Private Equity and Venture Capital

Abstract

This paper provides further empirical evidence on the relation between entrepreneurial ownership retention and the initial value of unseasoned common shares. A Canadian data set is employed to estimate the various empirical specifications used in previous studies and to examine additional variables suggested by recent developments in the theoretical literature. The estimation is carried out using a more general procedure to correct for heteroskedasticity. In contrast to previous findings, the entrepreneurial ownership retention signal does not possess statistical significance in any of the models examined.

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References

1977INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION 1986Investment banking, reputation, and the underpricing of initial public offerings 1975Price performance of common stock new issues 1986Information quality and the valuation of new issues 1973On the Pricing of Unseasoned Equity Issues: 1965-1969 1982Signaling and the Valuation of Unseasoned New Issues 1986Signalling by direct disclosure under asymmetric information 1979Methodological issues in the use of financial ratios

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2003Leverage, insider ownership, and the underpricing of IPOs in China 1995The role of financial variables in the pricing of Korean initial public offerings 1997Equity retention and initial public offerings: the influence of signalling and entrenchment effects 2003IPO Underpricing: A Meta-Analysis and Research Synthesis 2001The valuation of IPO and SEO firms 1991Retained ownership and the valuation of initial public offerings: Canadian evidence*

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