Detail How do young firms communicate with capital markets? Bibliografi Author: Mohanram, Partha Sarathy ; Palepu, Krishna (Advisor) Topik: BUSINESS ADMINISTRATION; ACCOUNTING|ECONOMICS; FINANCE|BUSINESS ADMINISTRATION; GENERAL Bahasa: (EN )    ISBN: 0-599-08247-X     Penerbit: Harvard University Press     Tahun Terbit: 1998     Jenis: Theses - Dissertation Fulltext: 9910099.pdf (0.0B; 0 download) Abstract This thesis addresses how young firms attempt to resolve information asymmetry problems through investor communications. Chapter I provides an introduction into the research questions addressed in this thesis. It analyzes how information asymmetry problems can affect young post IPO firms and lays out different options firms have to solve information asymmetry problems. Chapter I analyzes how managers initiate and choose among various modes of investor communications, using data on analyst presentations, management earnings forecasts, press releases and corporate finance disbursements for a sample of 645 post-IPO firms. Firms that plan to access capital markets initiate investor communications through analyst presentations. Firms with high return volatility make management earnings forecasts as their first act of investor communications. Firms with low return volatility and increasing earnings communicate by initiating dividends. Undervalued firms use repurchases to initiate their communication. The tests are also carried out over a long window to measure the propensity to firms to communicate. The results largely corroborate the results for initiation of investor communications. Further, firms in poor information environments are more likely to use corporate financial disbursements to solve information asymmetry problems. The modes of investor communications are interrelated, with firms using corporate finance policies to complement conventional modes of investor relations. Chapter II analyzes the use of corporate financial disbursements as communications tools. Controlling for free cash flow and insider motivations, disbursements are associated with undervaluation, poor information environment, and accounting inadequacies. Disbursements are associated with improvements in valuation, and growth in analyst following and institutional investment. Firms use disbursements to credibly augment traditional investor communications. Chapter III tests whether firms face a pecking order with respect to investor communications, using less expensive modes first and resorting to more expensive modes later if the less expensive modes are ineffective. Results support a pecking order hypothesis of investor communications with firms using corporate finance policies to communicate earlier if their investor relations is ineffective or infeasible. Chapter IV summarizes the results of the thesis and draws implications for managers, analysts, institutional investors, regulators and future research. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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