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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/72729

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/72729

Title:	Long-run Stock Returns and Operating Performance Following Private Debt Placements
Other Titles:	私下募集債券之長期財富移轉效果與經營績效之研究
Authors:	周冠男;陳妙珍 Chou, Robin K.
Contributors:	財管系
Date:	2014-12
Issue Date:	2015-01-08 18:06:25 (UTC+8)
Abstract:	This study examines the long-run stock return and operating performance following private debt placements. Presumably, private debt investors are more sophisticated and can monitor the issuing firms more effectively. Prior research suggests that the equity and public debt issuers underperform various stock return benchmarks in the long run. It is also found that the long-run operating performances significantly deteriorate for equity and public debt offering firms. It is generally concluded that managers time the market when issuing equities and public debts. In contrast, we do not find any consistent patterns of long-run under- or over-performance in stock returns and operating measures following private debt placements. Due to tighter monitoring, the information asymmetry problems are mitigated for private debt placements.
Relation:	臺大管理論叢, 25卷1期 , P33 - 62 (NTU Management Review)
Data Type:	article
Appears in Collections:	[Department of Finance] Periodical Articles

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