Figure A4. Information asymmetry factor analysis excluding tangible assets and bid-ask spread. Predicted correlation Variable Factor 1 Factor 2 Factor 3 KMO with info asymmetry Firm size 0.7658 -0.0410 -0.0037 0.6735 – Time since IPO 0.4968 0.2029 0.0051 0.7783 – No. of Analysts 0.1820 -0.0104 0.0672 0.6514 – No. of prior stock offers 0.5127 0.2284 -0.0005 0.7391 – Return volatility + -0.5667 0.1758 0.0093 0.7266 Discretionary accruals + -0.4470 0.1940 -0.0103 0.7694 KMO overall 0.7227 Eigenvalue 1.6174 0.1636 0.0047
Figure A4. Information asymmetry factor analysis excluding tangible assets and bid-ask spread. Variable Predicted correlation with info asymmetry Factor 1 Factor 2 Factor 3 KMO Firm size – 0.7658 -0.0410 -0.0037 0.6735 Time since IPO – 0.4968 0.2029 0.0051 0.7783 No. of Analysts – 0.1820 -0.0104 0.0672 0.6514 No. of prior stock offers – 0.5127 0.2284 -0.0005 0.7391 Return volatility + -0.5667 0.1758 0.0093 0.7266 Discretionary accruals + -0.4470 0.1940 -0.0103 0.7694 KMO overall 0.7227 Eigenvalue 1.6174 0.1636 0.0047