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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117577

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117577

Title:	Long-Run Stock Performance of Equity-Issuing Firms: The Case of Private Placements in Singapore
Authors:	陳聖賢 Chen, Sheng-Syan Lee, Cheng-Few Yeo, Gillian H. H. Ho, Kim Wai
Contributors:	財管系
Keywords:	Long-run stock returns;Equity offerings;Private placements;Emerging markets
Date:	2002
Issue Date:	2018-06-11 18:24:04 (UTC+8)
Abstract:	We find that Singapore listed firms which have conducted private placements subsequently experience long-run stock underperformance. The long-run underperformance is more severe for small firms and firms with a higher book-to-market ratio. This suggests that small firms and firms with poorer growth prospects are more likely to time the issue when the stock is temporarily overvalued. Further more, we find a positive relation between the long-run stock performance and the change in ownership concentration of the issuing firms, which is consistent with the alignment-of-interests hypothesis. We do not find evidence supporting the earnings-management hypothesis.
Relation:	Review of Pacific Basin Financial Markets and Policies, Vol.5, No.3, pp.417-438
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1142/S0219091502000766
DOI:	10.1142/S0219091502000766
Appears in Collections:	[財務管理學系] 期刊論文

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