haku: @author Keloharju, M. / yhteensä: 9
viite: 8 / 9
| Tekijä: | Keloharju, M. Kulp, K. |
| Otsikko: | Market-to-book ratios, equity retention, and management ownership in Finnish initial public offerings |
| Lehti: | Journal of Banking and Finance
1996 : NOV, VOL. 20:9, p. 1583-1600 |
| Asiasana: | BANKING FINANCE MANAGEMENT |
| Kieli: | eng |
| Tiivistelmä: | Using a sample of Finnish initial public offerings, the authors find that the fraction of equity retained by the original shareholders is significantly positively related to the market-to-book ration. This result is consistent with the Leland and Pyle (1977) hypothesis suggesting that the original shareholders can signal the quality of their firm by their willingness to retain equity. Moreover, they find that management ownership's association with relative firm value is significantly positive at low ownership levels. |
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