Stock Issue Price and the Entrepreneurs Information Manipulation

摘要：

　　Considering information asymmetry between the entrepreneur and external investors,this paper makes a hypothesis that the entrepreneur would manipulate information when issuing shares,and derives a stock issue price model based on information manipulation and effort the entrepreneur would make.Analysis of the model shows the level of information manipulation does affect the stock issue price.Market regulators should improve the capacity of identifying information manipulation and increase penalties for manipulators,so that the market can be more accurately pricing shares being issued.

关键词： Entrepreneur Information manipulation Stock issue price

作者: Xiaoqiang YU Shancun Liu

作者单位: School of Economics and Management, Beihang University, 37 Xueyuan road, Beijing 100191, P.R.China

会议类型: 国际会议

会议名称: the 2012 International Conference on Frontiers of Advanced Materials and Engineering Technology (2012年先进材料与工程技术国际会议(FAMET 2012))

会议地点: 厦门

会议语种:英文

页码: 1183-1187

在线出版日期: 2012-01-04（万方平台首次上网日期，不代表论文的发表时间）