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Information asymmetry and equity issues

Author: Dierkens, Nathalie INSEAD Area: FinanceIn: Journal of Financial and Quantitative Analysis, vol. 26, no. 2, June 1991 Language: EnglishDescription: p. 181-199.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: The paper examines the relevance of information asymmetry between the managers of a firm and the market for the equity issue process. It uses four proxies for information asymmetry and presents three groups of tests: cross-sectional regressions of the reaction at equity issue announcements, comparisons of 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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INSEAD Article Europe Campus
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The paper examines the relevance of information asymmetry between the managers of a firm and the market for the equity issue process. It uses four proxies for information asymmetry and presents three groups of tests: cross-sectional regressions of the reaction at equity issue announcements, comparisons of 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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