Signaling and the Valuation of Unseasoned New Issues: A Comment
1984; Wiley; Volume: 39; Issue: 4 Linguagem: Inglês
10.2307/2327627
ISSN1540-6261
Autores Tópico(s)Financial Markets and Investment Strategies
ResumoThe Journal of FinanceVolume 39, Issue 4 p. 1231-1237 Comment Signaling and the Valuation of Unseasoned New Issues: A Comment JAY R. RITTER, JAY R. RITTER Assistant Professor of Finance, Wharton School, University of Pennsylvania. This comment is based on Essay 2 of my Ph.D. dissertation at the University of Chicago. I am grateful to my committee, Merton Miller, Edward Prescott, and Lester Telser for their advice. Comments received from Harry DeAngelo, Wayne Ferson, Mark Flannery, Melanie Lau, Hans Stoll, and an anonymous referee have also been beneficial. The 1960s data have been generously provided by David Downes, who has also spent substantial time discussing the topic. An earlier version of this comment was circulated under the title "Insider Holdings and the Pricing of Initial Public Offerings."Search for more papers by this author JAY R. RITTER, JAY R. RITTER Assistant Professor of Finance, Wharton School, University of Pennsylvania. This comment is based on Essay 2 of my Ph.D. dissertation at the University of Chicago. I am grateful to my committee, Merton Miller, Edward Prescott, and Lester Telser for their advice. Comments received from Harry DeAngelo, Wayne Ferson, Mark Flannery, Melanie Lau, Hans Stoll, and an anonymous referee have also been beneficial. The 1960s data have been generously provided by David Downes, who has also spent substantial time discussing the topic. An earlier version of this comment was circulated under the title "Insider Holdings and the Pricing of Initial Public Offerings."Search for more papers by this author First published: September 1984 https://doi.org/10.1111/j.1540-6261.1984.tb03907.xCitations: 91 Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL REFERENCES 1 David Downes and Robert Heinkel. "Signaling and the Valuation of Unseasoned New Issues." Journal of Finance 37 (March 1982), 1– 10. 2 Hayne Leland and David Pyle. "Informational Asymmetries, Financial Structure, and Financial Intermediation." Journal of Finance 32 (May 1977), 371– 87. Citing Literature Volume39, Issue4September 1984Pages 1231-1237 ReferencesRelatedInformation
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