New issues on the U.K. Unlisted Securities Market: The ability of entrepreneurs to signal firm value
作者： K. Keasey , P. McGuinness , H. Short
DOI: 10.1007/BF00402212
关键词:
摘要: The present paper investigates whether small firm entrepreneurs are able to signal the value of their firms potential investors when seeking a listing on U.K. Unlisted Securities Market (USM). signals considered percentage equity retained by original entrepreneurs, net proceeds raised an issue, choice advising agents disclosure earnings forecast and level underpricing new issue. In addition, possible interactions between individual included in analysis. results empirical analysis suggest that is positively significantly related raised: thus suggesting, therefore, stock markets will invest at higher values, ceteris paribus, if indicate confidence enterprises via levels retention funds they intend future projects.
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