The Informational Content of Initial Public Offerings
研究内部人多次出售股权时，资本市场通过首次发行规模区分企业价值的能力如何被削弱，并建立模型分析不同不确定性下的均衡类型。
ABSTRACT The ability of capital markets to distinguish firms of different value by the size of their initial equity offerings is attenuated when insiders can sell equity more than once. A model is developed in which there is price risk from holding equity between periods. When the uncertainty is small, there must be pooling in the first period. When uncertainty is large, the pooling equilibria dominate the separating equilibrium.