Do private placements turn around firms? Evidence from Taiwan

Cheng Yi Shiu, Hui Shan Wei

研究成果: 雜誌貢獻期刊論文同行評審

6 引文 斯高帕斯(Scopus)

摘要

We analyze the stock and operating performance of firms issuing private placements in Taiwan. Issuing firms have poor pre-issue performance and earn significantly positive returns at announcement. Placements with an owner-manager or with nonexecutive directors are associated with better post-issue stock and operating performance, suggesting that an increase in insiders' stakes leads to better alignment of managerial incentives and an increase in monitoring by insiders. In contrast, placements made to outside investors are unlikely to turn around the issuing firms.

原文???core.languages.en_GB???
頁(從 - 到)875-899
頁數25
期刊Financial Management
42
發行號4
DOIs
出版狀態已出版 - 12月 2013

指紋

深入研究「Do private placements turn around firms? Evidence from Taiwan」主題。共同形成了獨特的指紋。

引用此