Signalling and the Valuation of Unseasoned New Issues Revisited
用加拿大数据重新检验了创业者持股比例与新股初始价值的关系，发现持股比例信号在多个模型中均不显著，与以往研究结论不同。
This paper provides further empirical evidence on the relation between entrepreneurial ownership retention and the initial value of unseasoned common shares. A Canadian data set is employed to estimate the various empirical specifications used in previous studies and to examine additional variables suggested by recent developments in the theoretical literature. The estimation is carried out using a more general procedure to correct for heteroskedasticity. In contrast to previous findings, the entrepreneurial ownership reten? tion signal does not possess statistical significance in any ofthe models examined.