Information ambiguity and firm value

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URL:	https://ub-madoc.bib.uni-mannheim.de/37380
URN:	urn:nbn:de:bsz:180-madoc-373800
Document Type:	Working paper
Year of publication:	2014
The title of a journal, publication series:	ZEW Discussion Papers
Volume:	14-093
Place of publication:	Mannheim
Publication language:	English
Institution:	Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series:	Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject:	330 Economics
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.