Investor relations, information asymmetry and market value
Investor relations, information asymmetry and market value
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DOI：
10.1080/00014788.2015.1025254
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发表时间：
2016-01
影响因子：
1.7
通讯作者：
V. Agarwal;R. Taffler;X. Bellotti;E. Nash
中科院分区：
文献类型：
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作者：
V. Agarwal;R. Taffler;X. Bellotti;E. Nash
迄今为止，有关投资者关系战略市场价值的证据有限。我们直接采用专有数据库来测试IR活动的市场相关性，该数据库测量在纽约证券交易所、美国证券交易所和纳斯达克上市的所有公司的IR质量。虽然，从理论上讲，“重新包装”和沟通现有的信息应该没有市场影响，我们发现，公司与更高质量的IR战略的回报显着更高的估值倍数。此外，IR质量的提高与分析师关注和流动性的增加有关。总的来说，我们的研究结果通常更强的小公司，更有可能被“忽视”。我们的证据是一致的，有效的IR成功地提高公司的知名度，从而提高认可度和减少信息不对称的Merton（1987），从而“更公平”的公司估值IR专业人士认为。
Evidence to date on the market value of investor relations (IR) strategies is limited. We test the market relevance of IR activity directly employing a proprietary database measuring IR quality across all firms listed on NYSE, Amex and NASDAQ. Although, in theory, ‘repackaging’ and communicating existing information should have no market impact, we find that firms with higher quality IR strategies are rewarded with significantly higher valuation multiples. In addition, increase in IR quality is associated with increases in analyst following and liquidity. Overall, our findings are generally stronger for small firms which are more likely to be ‘neglected’. Our evidence is consistent with effective IR successfully raising firm visibility leading to enhanced recognition and reduced information asymmetry in line with Merton (1987) and thus ‘fairer’ firm valuation as argued by IR professionals.