Information Risk and Long-Run Performance of Initial Public Offerings

Language: English

Published by Gabler Verlag, 2008

383491259X / 9783834912596

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Seller: AHA-BUCH GmbH, Einbeck, GermanyAHA-BUCH GmbH

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Druck auf Anfrage Neuware - Printed after ordering - Exactly forty years after Eugene Fama's (1965) article 'The Behavior of Stock Market Prices' (Journal of Business), the play 'E cient Capital Markets' is still going strong. With his thesis, Frank Ecker is adding a new act to the play: His work is a combination of several new developments on the analytical and empirical capital market research front. Capital market e ciency is based on two aspects. First, the ability of investors to identify a situation in which asset prices are out of the capital market equilibrium. Second, on the possibility of the market to make arbitrage pro ts by driving the prices back to the equilibrium value. Both aspects are conditional on the set of 'relevant' information. As a result, the basic question is: What is relevant information and how is it processed by investors This work is building on the concept of information quality, information uncertainty or information risk. Fama's e cient market hypothesis is just a special case based on the assumption that new information is absolutely correct and completely credible to all investors. In contrast, this work makes use of the more general assumption that new information can be characterized by very di erent degrees of credibility, or qu- ity. The setting of initial public o erings is chosen as one of the few capital market transactions arguably characterized by high information asymmetry between the rm's insiders (management) and outsiders (investors).…

Seller Inventory # 9783834912596

Title
Information Risk and Long-Run Performance of Initial Public Offerings
Author
Frank Ecker
Publisher
Gabler Verlag
Publication year
2008
Condition
Neu
Binding
Taschenbuch
Language
English
ISBN 10
383491259X
ISBN 13
9783834912596
Item weight
207 grams
Dimensions
210x148x9 mm

AHA-BUCH GmbH

Einbeck, Germany

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