Information ambiguity and firm value

Katrin Hussinger and Sebastian Pacher

No 14-093, ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

Abstract: A recent theoretical model by Epstein and Schneider (2008) predicts that a firm's assets will be undervalued by the market if the information surrounding these assets is ambiguous. The model further predicts that this effect is amplified if the underlying fundamentals are volatile. This paper provides an empirical test.

Date: 2014
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Journal Article: Information ambiguity and firm value (2015)
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