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| Tekijä: | Grinblatt, M. Hwang, C. Y. |
| Otsikko: | Signalling and the pricing of new issues. |
| Lehti: | Journal of Finance
1989 : JUN, VOL. 44:2, p. 393-420 |
| Asiasana: | FINANCIAL MODELS SHARE PRICES NEW ISSUES |
| Kieli: | eng |
| Tiivistelmä: | A signalling model with two signals, two attributes, and a continuum of signal levels and attribute types is developed to explain new issue underpricing. Both the fraction of the new issue retained by the issuer and its offering price convey to investors the unobservable "intrinsic" value of the firm and the variance of its cash flows. Many of the model's comparative statics results are novel, empirically testable, and consistent with the existing empirical evidence on new issues. |
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