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Discussion of “Signaling firm value to active investors”

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  • Alfred Wagenhofer

    (University of Graz)

Abstract

Baldenius and Meng (Rev Account Stud, 2010) use a signaling model to study the economic effects of active investors to whom the founder of a firm wants to sell shares. This discussion considers the model structure, the main results and the economics behind them, and the key assumptions that drive these results. It also comments on signaling models in general, the use of additional signals, and the ability of the results to derive predictions.

Suggested Citation

  • Alfred Wagenhofer, 2010. "Discussion of “Signaling firm value to active investors”," Review of Accounting Studies, Springer, vol. 15(3), pages 620-628, September.
    • Handle: RePEc:spr:reaccs:v:15:y:2010:i:3:d:10.1007_s11142-010-9123-6
    DOI: 10.1007/s11142-010-9123-6
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    References listed on IDEAS

    as
    1. In-Koo Cho & David M. Kreps, 1987. "Signaling Games and Stable Equilibria," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(2), pages 179-221.
    2. Tim Baldenius & Xiaojing Meng, 2010. "Signaling firm value to active investors," Review of Accounting Studies, Springer, vol. 15(3), pages 584-619, September.
    3. Steven Postrel, 1991. "Burning your britches behind you: Can policy scholars bank on game theory?," Strategic Management Journal, Wiley Blackwell, vol. 12(S2), pages 153-155, December.
    4. Leland, Hayne E & Pyle, David H, 1977. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Journal of Finance, American Finance Association, vol. 32(2), pages 371-387, May.
    Full references (including those not matched with items on IDEAS)

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    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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