학술논문
Declared investment plans and IPO firm value.
Document Type
Article
Author
Source
Subject
*Going public (Securities)
*Capital investments
*Valuation of corporations
*Investment analysis
*Corporate finance
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Language
ISSN
0960-3107
Abstract
Trueman (1986) argues that an entrepreneur might signal the quality of his information about a firm's investment projects by disclosing the extent to which external capital raised is to be applied to capital expenditure. This article argues that, via Trueman's theory, a higher level of disclosed capital expenditure at the IPO is associated with higher firm values. The results confirm the anticipated significant positive relationship between firm value and the extent to which funds raised at the IPO are applied to investment. [ABSTRACT FROM AUTHOR]