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Information asymmetry and equity issues

Author: Dierkens, Nathalie INSEAD Area: Finance Series: Working Paper ; 90/17/FIN Publisher: Fontainebleau : INSEAD, 1990.Language: EnglishDescription: 39 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: The paper shows the relevance of information asymmetry between the managers of the firm and the market for the equity issue process. It introduces four proxies for information asymmetry and presents three groups of tests: cross-sectional regressions of the reaction at equity issue announcements; comparisons of the information asymmetry before and after the announcements; and analysis of the timing behaviour observed during the equity issue process. The results show that information asymmetry is a significant variable for equity issues
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The paper shows the relevance of information asymmetry between the managers of the firm and the market for the equity issue process. It introduces four proxies for information asymmetry and presents three groups of tests: cross-sectional regressions of the reaction at equity issue announcements; comparisons of the information asymmetry before and after the announcements; and analysis of the timing behaviour observed during the equity issue process. The results show that information asymmetry is a significant variable for equity issues

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