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The wealth effects of private common stock placements.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	The wealth effects of private common stock placements./
Author:	Qu, Yin.
Description:	1 online resource (113 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 59-09, Section: A.
Contained By:	Dissertations Abstracts International59-09A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780591666175

The wealth effects of private common stock placements.
Qu, Yin.

The wealth effects of private common stock placements. - 1 online resource (113 pages)

Source: Dissertations Abstracts International, Volume: 59-09, Section: A.

Thesis (Ph.D.)--University of South Florida, 1997.

Includes bibliographical references

In this study, private common stock placements are examined to determine wealth changes of both firms initiating the placements and firms considered rivals of the initiating firms. The results suggest that issuing firms' stock prices react significantly positively, while rival firms' stock prices react significantly negatively, to the announcement of private placements of common stocks. Unlike public placements of common stocks which are perceived to convey negative industry-wide information, results of this study suggest that privately placing common stocks may be associated with positive signals concerning issuing firms' future prospects. Such information might reflect a competitive shift in the industry. The results are consistent with several theoretical views presented in the literature. For example, knowledgeable private placement investors help certify the quality of the issuing firm. In addition, the private equity financing method can serve as an effective mechanism by managers to protect valuable confidential knowledge related to profitable projects, which suggests managers of public firms might prefer to use a private equity placement rather than a public equity placement when many positive net present value projects exist.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9780591666175Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

capital structureIndex Terms--Genre/Form:

554714
Electronic books.

The wealth effects of private common stock placements.
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500 $a Advisor: Besley, Scott.
502 $a Thesis (Ph.D.)--University of South Florida, 1997.
504 $a Includes bibliographical references
520 $a In this study, private common stock placements are examined to determine wealth changes of both firms initiating the placements and firms considered rivals of the initiating firms. The results suggest that issuing firms' stock prices react significantly positively, while rival firms' stock prices react significantly negatively, to the announcement of private placements of common stocks. Unlike public placements of common stocks which are perceived to convey negative industry-wide information, results of this study suggest that privately placing common stocks may be associated with positive signals concerning issuing firms' future prospects. Such information might reflect a competitive shift in the industry. The results are consistent with several theoretical views presented in the literature. For example, knowledgeable private placement investors help certify the quality of the issuing firm. In addition, the private equity financing method can serve as an effective mechanism by managers to protect valuable confidential knowledge related to profitable projects, which suggests managers of public firms might prefer to use a private equity placement rather than a public equity placement when many positive net present value projects exist.
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