Theses Doctoral

Financial Reporting Around Private Firms’ Equity Offerings

Kang, Yiran

This paper investigates how U.S. private firms communicate with equity investors around private capital raising. Using multiple research methods, including survey, interview, and archival analysis, I provide systematic evidence on private firms’ public and private disclosure practices. I find that despite engaging in a low level of public disclosures, private firms actively communicate with investors through the private communication channel at initial fundraising and subsequent periods. Such private communication also exhibits greater cross-sectional variation.

Focusing on provision of financial information, I provide evidence suggesting that private firm managers consider the relevance of information when making disclosure choices. Lastly, I investigate the relation be- tween firms’ private communication and public reporting preference and find a substitutive effect. The study informs current debate on regulating private market participants by examining existing disclosure landscape of private firms as an important first step.

Geographic Areas


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More About This Work

Academic Units
Thesis Advisors
Breuer, Matthias
Ph.D., Columbia University
Published Here
April 12, 2023