Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal
研究了IPO中信息不对称下，高层管理团队合法性如何作为价值信号影响投资者估值，发现其与上市后股价上涨负相关。
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.