Under-Diversification and Retention Commitments in IPOs
扩展了Leland和Pyle的信号模型，引入持股期长度作为公司价值的信号，发现持股期与所有权保留互补，企业家可能承诺比监管要求更长的持股期。
This study is an extension of Leland and Pyle's (1977) signaling model. It introduces, in addition to the retained ownership, the length of the holding period to which the owner commits in the prospectus as a signal of firm value. The length of the holding period is found to be a signaling mechanism that complements ownership retention. Depending on the information structure of the firm, the entrepreneur may prefer to commit to a holding period longer than the minimum required by securities regulations.