Valuing New Issues: Information Quality of Initial Public Offerings at the Amsterdam Stock Exchange

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Thesis Publishers, 1997 - Business & Economics - 197 pages
An initial public offering is a fruitful setting for analyzing firm value. This study compares two ways of valuing a firm: one based on accounting and one on market information. Both approaches are used throughout the book. They clarify the extent to which accounting information can be used for explaining firm value. In addition to valuing new issues with the help of accounting information, the book examines the relationship between firm value and a number of signals such as inside shareholdings and the quality of the intermediaries hired. The issuing firm's managers use these signals for disclosing private information. Extensive data on the new issues market in the Netherlands make the study unique. Furthermore, the empirical results reveal relationships that have not been investigated before. Several findings in the book have attracted the attention of the media. A number of Dutch newspapers including the leading financial daily, 'Het Financieele Dagblad', have reported on two of the studies from the book, one on takeover defenses, the other on employee stock options, when they were published in academic journals.

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Financial disclosure and the IPO share offer price
Signalling and the IPO share offer price

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