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    题名: Equity Issuances and the Value of Cash Holdings
    權益發行與現金價值
    作者: 陳嬿如
    Chen, Yenn-Ru
    黃幼琳
    Huang, Yu-Lin
    贡献者: 財管系
    关键词: Private placements;equity issuances;value of cash
     私募股權;權益發行; 現金價值
    日期: 2019-09
    上传时间: 2020-04-27 16:00:52 (UTC+8)
    摘要: This paper examines the effect of equity issuances on the marginal value of cash. We find
    the marginal value of cash is higher to firms saving cash from equity issuances than to firms
    with low or no equity issuances. Our results support the precautionary motive for cash
    generation. Additionally, the capital market values additional cash higher to firms more likely
    saving cash from private placements relative to public offerings. Such valuation difference is
    attributed to the monitoring effect from private placements, and the value difference between
    the two equity issuance mechanisms varies with the corporate governance environment that
    firms face.
    關聯: Journal of Financial Studies, Vol.27, No.3, pp.1-39
    数据类型: article
    DOI 連結: https://doi.org/10.6545/JFS.201909_27(3).0001
    DOI: 10.6545/JFS.201909_27(3).0001
    显示于类别:[財務管理學系] 期刊論文

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