transparent gif


Ej inloggad.

Göteborgs universitets publikationer

Asymmetric information, disclosures of R&D and the choice of equity-selling mechanisms

Författare och institution:
Hans Jeppsson (Företagsekonomiska institutionen, Industriell och Finansiell ekonomi & logistik)
Publicerad i:
Auckland Finance Meeting, 18-20 December 2014, Auckland, New Zealand,
Konferensbidrag, refereegranskat
Sammanfattning (abstract):
This study examines the impact of information asymmetry and corporate management monitoring on the choice among different mechanisms for selling equity. More specifically, I study the link between R&D disclosures and other measures of information asymmetry, in addition to ownership measures and firms’ choices among various types of rights offerings and private placements. Using a hand-collected sample of mandatory and non-discretionary R&D disclosures from publically listed biotechnology firms, I find that firms tend to issue equity publicly rather than privately following credible R&D disclosures, i.e., when information asymmetry is low. By contrast, I find no support for the monitoring hypothesis. A detailed analysis by investor type confirms that monitoring does not seem to be an important determinant in the choice between private and public financing.
Ämne (baseras på Högskoleverkets indelning av forskningsämnen):
Ekonomi och näringsliv ->
Adverse selection; R&D disclosures; Seasoned equity offerings (SEOs); Rights offerings; Private placements; Monitoring
Postens nummer:
Posten skapad:
2015-01-07 08:21
Posten ändrad:
2015-03-04 10:34

Visa i Endnote-format

Göteborgs universitet • Tel. 031-786 0000
© Göteborgs universitet 2007