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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


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    題名: Long-Run Stock Performance of Equity-Issuing Firms: The Case of Private Placements in Singapore
    作者: 陳聖賢
    Chen, Sheng-Syan
    Lee, Cheng-Few
    Yeo, Gillian H. H.
    Ho, Kim Wai
    貢獻者: 財管系
    關鍵詞: Long-run stock returns;Equity offerings;Private placements;Emerging markets
    日期: 2002
    上傳時間: 2018-06-11 18:24:04 (UTC+8)
    摘要: 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.
    關聯: Review of Pacific Basin Financial Markets and Policies, Vol.5, No.3, pp.417-438
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1142/S0219091502000766
    DOI: 10.1142/S0219091502000766
    顯示於類別:[財務管理學系] 期刊論文

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