國立虎尾科技大學 |

Three Essays on Private Market Interactions.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Three Essays on Private Market Interactions./
作者:	Daigle, Jonathan Alexander.
面頁冊數:	1 online resource (170 pages)
附註:	Source: Dissertation Abstracts International, Volume: 79-05(E), Section: A.
Contained By:	Dissertation Abstracts International79-05A(E).
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9780355590661

Three Essays on Private Market Interactions.
Daigle, Jonathan Alexander.

Three Essays on Private Market Interactions. - 1 online resource (170 pages)

Source: Dissertation Abstracts International, Volume: 79-05(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

The first study addresses why insurers, whom traditionally invest in relatively safe assets, choose to invest in private equity (PE). Using insurer financial disclosures, we test theories relating how risk shifting, managerial discretion, underinvestment, asset liability matching, regulation, home bias, and reaching for yield affect PE investment. Results indicate risk¬ shifting and managerial discretion by stock insurers does not factor into the PE investment decision. In addition, results confirm home bias positively influences PE investment while underinvestment, asset liability matching, and regulation deter PE investment. Finally, insurers have not increased their PE allocation due to low-yield interest rate environments. The second study directly tests the economies of scope hypothesis of Gao, Ritter, and Zhu (2013) using the data envelopment analysis (DEA) methodology of Demerjian et al. (2012, 2013). I find private firms with less than $50 million in sales are more likely to be acquired than to offer an IPO when their industry has high economies of scope. I do not find evidence that 3-year buy-and-hold returns for IPOs are associated with economies of scope levels. I also find economies of scope are negatively related to firms adopting a dual tracking strategy, but does not explain sell-out premiums for acquired private firms. The third study examines whether private IPOs (PIPOs) decrease information asymmetry in firms that eventually engage in an IPO. Theoretically, PIPOs can mitigate problems of adverse selection and moral hazard because private investments can signal undervaluation and potentially provide more effective monitoring. Consequently, firms with larger, more recent, and frequent PIPOs should experience less underpricing and post IPO volatility relative to other IPOs due to increased monitoring, lower signal attenuation, and positive feedback with existing investor buy ins, respectively. Results indicate the percentage of PIPO investment compared to total equity at IPO is negatively associated with underpricing, thus suggesting PIPOs decrease information asymmetry. However, the longer the amount of time between the last PIPO and the IPO and the total number of PIPOs are positively related to underpricing.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355590661Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Three Essays on Private Market Interactions.
LDR:03528ntm a2200349Ki 4500 001 910089
005 20180511093034.5
006 m o u
007 cr mn||||a|a||
008 190606s2017 xx obm 000 0 eng d
020 $a 9780355590661
035 $a (MiAaPQ)AAI10683723
035 $a (MiAaPQ)umiss:11598
035 $a AAI10683723
040 $a MiAaPQ $b eng $c MiAaPQ
099 $a TUL $f hyy $c available through World Wide Web
100 1 $a Daigle, Jonathan Alexander. $3 1181168
245 1 0 $a Three Essays on Private Market Interactions.
264 0 $c 2017
300 $a 1 online resource (170 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 79-05(E), Section: A.
500 $a Adviser: Kathleen P. Fuller.
502 $a Thesis (Ph.D.) $c The University of Mississippi $d 2017.
504 $a Includes bibliographical references
520 $a The first study addresses why insurers, whom traditionally invest in relatively safe assets, choose to invest in private equity (PE). Using insurer financial disclosures, we test theories relating how risk shifting, managerial discretion, underinvestment, asset liability matching, regulation, home bias, and reaching for yield affect PE investment. Results indicate risk¬ shifting and managerial discretion by stock insurers does not factor into the PE investment decision. In addition, results confirm home bias positively influences PE investment while underinvestment, asset liability matching, and regulation deter PE investment. Finally, insurers have not increased their PE allocation due to low-yield interest rate environments. The second study directly tests the economies of scope hypothesis of Gao, Ritter, and Zhu (2013) using the data envelopment analysis (DEA) methodology of Demerjian et al. (2012, 2013). I find private firms with less than $50 million in sales are more likely to be acquired than to offer an IPO when their industry has high economies of scope. I do not find evidence that 3-year buy-and-hold returns for IPOs are associated with economies of scope levels. I also find economies of scope are negatively related to firms adopting a dual tracking strategy, but does not explain sell-out premiums for acquired private firms. The third study examines whether private IPOs (PIPOs) decrease information asymmetry in firms that eventually engage in an IPO. Theoretically, PIPOs can mitigate problems of adverse selection and moral hazard because private investments can signal undervaluation and potentially provide more effective monitoring. Consequently, firms with larger, more recent, and frequent PIPOs should experience less underpricing and post IPO volatility relative to other IPOs due to increased monitoring, lower signal attenuation, and positive feedback with existing investor buy ins, respectively. Results indicate the percentage of PIPO investment compared to total equity at IPO is negatively associated with underpricing, thus suggesting PIPOs decrease information asymmetry. However, the longer the amount of time between the last PIPO and the IPO and the total number of PIPOs are positively related to underpricing.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Business administration. $3 1148568
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
690 $a 0310
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The University of Mississippi. $b Finance. $3 1181169
773 0 $t Dissertation Abstracts International $g 79-05A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10683723 $z click for full text (PQDT)