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This paper tests a new hypothesis that bank managers issue public debt, at least in part, to convey positive, private information and refrain from issuance to hide negative, private information. This positive selection hypothesis is tested against the traditional adverse selection hypothesis. We...
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findings show that IPOs underpricing is mainly explained by the signalling and the market characteristics hypotheses. The …This article tests four hypotheses (signalling, market tendency, market characteristics and the ex ante uncertainty and … information asymmetry) to explain the initial public offerings (IPOs) underpricing in the Tunisian market. Most of the empirical …
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In this paper, we study the underpricing, long-run performance of IPOs and the impact of underpricing on secondary … market liquidity of IPOs which were issued in India during the period 2000-2008. The average underpricing for Indian IPOs is … 37%. Uncertainty, information asymmetry and investor optimism are the factors which explain underpricing. The IPOs which …
Persistent link: https://www.econbiz.de/10010816843
While numerous empirical studies include proxies for growth opportunities in their analyses, there is limited evidence as to the validity of the various growth proxies used. Based on a sample of 1942 firm-years for listed UK companies over the 1990-2004 period, we assess the performance of eight...
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This paper examines whether research and development (R&D) intensity affects the firm’s financing decisions. We use a sample of European firms in the period 2002-2011. We argue that R&D asset has three fundamentals characteristics that make it different from ordinary investment and constrain...
Persistent link: https://www.econbiz.de/10011260341