The information environment of IPOs.

Summary Empirical research and current events attest to the insufficiency and bias of the information available to investors at the time of an IPO. Yet, classical financial theory emphasizes the expected gains from quality information. This thesis attempts to explain and overcome this paradox. We analyze the information offer of the IPO company's manager and financial analysts. Our results show that creditors and investors do not seem to provide sufficient incentives for the manager to publish accurate forecasts. Analysts seem to adjust their information offer to the business interests of their employer. The company's signals do not adequately reveal its true value to the market. Finally, the legitimacy and limited means of the regulator explain its difficulties in improving the information environment of IPOs.