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Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal

Boyd D. Cohen 1 *, Thomas J. Dean 2

1Faculty of Business, University of Victoria, Victoria, British Columbia, Canada 2Graduate School of Business Administration, University of Colorado, Boulder, Colorado, U.S.A.

Boyd D. Cohen 1 *, Thomas J. Dean 2

1Faculty of Business, University of Victoria, Victoria, British Columbia, Canada 2Graduate School of Business Administration, University of Colorado, Boulder, Colorado, U.S.A.

Keywords

top management team • information asymmetry • initial public offering • signaling

Abstract

The condition of information asymmetry between current owners and potential IPO investors creates a context wherein the legitimacy of the top management team (TMT) may serve as a valid signal of value to potential investors. The results confirm our hypotheses that TMT legitimacy is negatively correlated with post-IPO stock value run-up. Our results support a previously unexplored view of the TMT as an important signal of value in IPOs, and suggest that dual benefits accrue to the TMT selection process in IPO firms. Copyright © 2005 John Wiley & Sons, Ltd.

Keywords

top management team • information asymmetry • initial public offering • signaling

Abstract

Keywords

top management team • information asymmetry • initial public offering • signaling

Abstract

The condition of information asymmetry between current owners and potential IPO investors creates a context wherein the legitimacy of the top management team (TMT) may serve as a valid signal of value to potential investors. The results confirm our hypotheses that TMT legitimacy is negatively correlated with post-IPO stock value run-up. Our results support a previously unexplored view of the TMT as an important signal of value in IPOs, and suggest that dual benefits accrue to the TMT selection process in IPO firms. Copyright © 2005 John Wiley & Sons, Ltd.

Keywords

top management team • information asymmetry • initial public offering • signaling

Abstract
The condition of information asymmetry between current owners and potential IPO investors creates a context wherein the legitimacy of the top management team (TMT) may serve as a valid signal of value to potential investors. The results confirm our hypotheses that TMT legitimacy is negatively correlated with post-IPO stock value run-up. Our results support a previously unexplored view of the TMT as an important signal of value in IPOs, and suggest that dual benefits accrue to the TMT selection process in IPO firms. Copyright © 2005 John Wiley & Sons, Ltd.

copy-paste出了点问题，所以显得有点乱，见谅。

3# shmilyzhaoxin
太感谢了！！！