Does increased disclosure of intangible assets enhance liquidity around new equity offerings?
| Autor: | Jean-François Gajewski, Manel Labidi |
|---|---|
| Přispěvatelé: | Laboratoire de Recherche Magellan, Université Jean Moulin - Lyon 3 (UJML), Université de Lyon-Université de Lyon-Institut d'Administration des Entreprises (IAE) - Lyon |
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
Financial system
New equity issues GeneralLiterature_MISCELLANEOUS JEL: G - Financial Economics [SHS]Humanities and Social Sciences Voluntary disclosure Intangible asset 0502 economics and business Intangible assets 040101 forestry 050208 finance 05 social sciences Equity (finance) 04 agricultural and veterinary sciences Secondary market Market liquidity Market depth Issuer Liquidity 0401 agriculture forestry and fisheries Business Management and Accounting (miscellaneous) ComputingMilieux_COMPUTERSANDSOCIETY [SHS.GESTION]Humanities and Social Sciences/Business administration Stock market Business Finance |
| Zdroj: | Research in International Business and Finance Research in International Business and Finance, 2019, 48, pp.426-437 Research in International Business and Finance, Elsevier, 2019, 48, pp.426-437 |
| ISSN: | 0275-5319 |
| Popis: | International audience; The objective of this paper is to analyze how firms can enhance stock market liquidity around new equity offerings by increasing the level of disclosure on their intangible assets. Using a disclosure index consisting of 53 items, we show that French issuers disclose insufficient information about their intangible assets. We use measures of liquidity such as bid-ask spread, market depth, and trading volume to provide evidence that increased intangible asset information disclosure by new equity issuers improves secondary market liquidity immediately following the issue. These results provide new evidence that when raising funds, issuers can enhance stock liquidity by giving investors more information about intangible assets. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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