Catch a Good CEO in the Dark: An Empirical Study of Information Asymmetry During Interim CEO Succession

2010 ◽  
Author(s):  
Zhichuan Frank Li
Keyword(s):  
Empirical Study ◽  
Information Asymmetry ◽  
Ceo Succession

scholarly journals An empirical study of IPO underpricing: Evidence from Chinese stock market

2014 ◽  
Vol 12 (1) ◽  
pp. 139-152 ◽  
Author(s):  
Tianxiang Xu ◽  
Yujie Zhao
Keyword(s):  
Empirical Study ◽  
Information Asymmetry ◽  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Chinese Stock Market ◽  
Short Term ◽  
Ipo Underpricing ◽  
Public Offerings ◽  
Public Offering ◽  
Different Characteristics

Initial public offerings, as one of the most important activities for firms, have raising massive amount of researches. Regarding China, the stock markets are experiencing a massive level of IPO underpricing, which leads to trillions of dollars leaved on the table. This study is conducted for the question why Chinese IPO are so heavily underpriced and the determinants of IPO underpricing, also the possibility of IPO be underpriced in China. We confirm again that Chinese IPOs are heavily underpriced and the average underpricing level is about 110%. Further, Chinese IPO will experience a negative short term return starting from 10 days after listing, and there are significantly different characteristics for state owned IPOs and private IPOs. This study finds that information asymmetry, proportion of state owned share and risk are the mainly determinants of IPO underpricing in China. Additionally, one of the biggest reason that Chinese initial public offering is underpriced so much is because of government participation, since we find that firms with larger proportion of government state owned shares will be more underpriced.

Rankings, information asymmetry and mobility: an empirical study on students’ ranking perceptions

2017 ◽  
Vol 2017 (1) ◽  
pp. 15399
Author(s):  
Winfried Ruigrok ◽  
Michael Gratwohl ◽  
Alfred Ruppert
Keyword(s):  
Empirical Study ◽  
Information Asymmetry

scholarly journals Using CSR to mitigate information asymmetry in the banking sector

2015 ◽  
Vol 10 (4) ◽  
pp. 316-329 ◽  
Author(s):  
Andreea Semenescu ◽  
Cătălin Valeriu Curmei
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Empirical Study ◽  
Information Asymmetry ◽  
Banking Sector ◽  
Limited Dependent Variable ◽  
Financial Soundness ◽  
Banking Institution ◽  
Corporate Social

Abstract The paper examines the power of corporate social responsibility to reduce information asymmetry and to act as a marketing instrument in the banking sector. Trust is the most important asset of a bank. Therefore, banks are motivated to use the most effective instruments to diminish information asymmetry with their stakeholders. The fact that cash disbursements in CSR actions are not directed towards shareholders makes them more valuable signals to other stakeholders regarding the financial soundness of the bank. The empirical study conducted based on limited dependent variable models supports the effectiveness of the CSR as marketing instrument in banking. It reveals the circumstances associated to a higher probability of an active CSR policy conducted by a banking institution. The results support the hypothesis that in the banking sector CSR is perceived as an instrument which helps stakeholders reduce information asymmetry. As marketing instrument, CSR contributes to increasing the tangibility of the banking products, decreasing their perceived variability and thus making them more attractive for the clients and allowing for differentiation between competitors.

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