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Investor relations, information asymmetry and market value

Investor relations, information asymmetry and market value

 Agarwal, Vineet.
 p31-p50 English
Kế toánTài chínhInvestor recognition.Market pricing.Stock liquidity.Firm valuation.Investment analysts.
Tác giả CN Agarwal, Vineet.
Nhan đề Investor relations, information asymmetry and market value / Vineet Agarwal, Richard J. Taffler, Xijuan Bellotti & Elly A. Nash
Mô tả vật lý p31-p50
Tóm tắt Evidence to date on the market value of investor relations (IR) strategies is limited. We test the market relevance of IR activity directly employing a proprietary database measuring IR quality across all firms listed on NYSE, Amex and NASDAQ. Although, in theory, ‘repackaging’ and communicating existing information should have no market impact, we find that firms with higher quality IR strategies are rewarded with significantly higher valuation multiples. In addition, increase in IR quality is associated with increases in analyst following and liquidity. Overall, our findings are generally stronger for small firms which are more likely to be ‘neglected’. Our evidence is consistent with effective IR successfully raising firm visibility leading to enhanced recognition and reduced information asymmetry in line with Merton (1987 Merton, R., 1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance, 42 (3), 483–510. doi: 10.1111/j.1540-6261.1987.tb04565.x) and thus ‘fairer’ firm valuation as argued by IR professionals.
Thuật ngữ chủ đề Kế toán-Nghiên cứu-TV ĐHHN.
Thuật ngữ chủ đề Tài chính-Nghiên cứu-TV ĐHHN.
Từ khóa tự do Investor recognition.
Từ khóa tự do Market pricing.
Từ khóa tự do Stock liquidity.
Từ khóa tự do Firm valuation.
Từ khóa tự do Investment analysts.
Tác giả(bs) CN Bellotti, Xijuan.
Tác giả(bs) CN Nash, Elly A.
Tác giả(bs) CN Taffler, Richard J.
Nguồn trích Acounting and business research- 2016, Vol46, N.1
MARC
Hiển thị đầy đủ trường & trường con
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245[1 0] |a Investor relations, information asymmetry and market value / |c Vineet Agarwal, Richard J. Taffler, Xijuan Bellotti & Elly A. Nash
300[ ] |a p31-p50
362[ 0] |a Vol 46 (January 2016)
520[ ] |a Evidence to date on the market value of investor relations (IR) strategies is limited. We test the market relevance of IR activity directly employing a proprietary database measuring IR quality across all firms listed on NYSE, Amex and NASDAQ. Although, in theory, ‘repackaging’ and communicating existing information should have no market impact, we find that firms with higher quality IR strategies are rewarded with significantly higher valuation multiples. In addition, increase in IR quality is associated with increases in analyst following and liquidity. Overall, our findings are generally stronger for small firms which are more likely to be ‘neglected’. Our evidence is consistent with effective IR successfully raising firm visibility leading to enhanced recognition and reduced information asymmetry in line with Merton (1987 Merton, R., 1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance, 42 (3), 483–510. doi: 10.1111/j.1540-6261.1987.tb04565.x) and thus ‘fairer’ firm valuation as argued by IR professionals.
650[1 7] |a Kế toán |x Nghiên cứu |2 TV ĐHHN.
650[1 7] |a Tài chính |x Nghiên cứu |2 TV ĐHHN.
653[ ] |a Investor recognition.
653[ ] |a Market pricing.
653[ ] |a Stock liquidity.
653[ 0] |a Firm valuation.
653[0 ] |a Investment analysts.
700[ 1] |a Bellotti, Xijuan.
700[ 1] |a Nash, Elly A.
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773[ 0] |t Acounting and business research |g 2016, Vol46, N.1
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