Facoltà di scienze economiche

Managerial behavior, asymmetric information and the flow of information around equity offerings

Martin, Jens ; Degeorge, François (Dir.)

Thèse de doctorat : Università della Svizzera italiana, 2009 ; 2009ECO001.

The aim of this thesis project is to investigate the managerial behavior, the conflict of interest as well as the flow of information in the financial markets, in particular in the setting around equity offerings. An Initial Public Offering (IPO)s represents a fertile testing ground for these topics as this event constitutes a major structural change in the life of a company. At the time of... Plus

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    Summary
    The aim of this thesis project is to investigate the managerial behavior, the conflict of interest as well as the flow of information in the financial markets, in particular in the setting around equity offerings. An Initial Public Offering (IPO)s represents a fertile testing ground for these topics as this event constitutes a major structural change in the life of a company. At the time of the offering, data on past firm performance is very limited and the estimation of future cash flows very difficult. This is especially true in a dynamic environment of a young and fast growing company. Consequently, the asymmetric information, in this context the difference in knowledge of the firm and its expected future performance between managers and insiders on the one hand and potential investors / the market on the other hand, are very pronounced.