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Issues in public and private equity ...

Marciukaityte, Dalia.

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Issues in public and private equity offerings.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Issues in public and private equity offerings./
作者:	Marciukaityte, Dalia.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2001,
面頁冊數:	152 p.
附註:	Source: Dissertations Abstracts International, Volume: 63-04, Section: A.
Contained By:	Dissertations Abstracts International63-04A.
標題:	Finance. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3008632
ISBN:	9780493179025

Issues in public and private equity offerings.
Marciukaityte, Dalia.

Issues in public and private equity offerings. - Ann Arbor : ProQuest Dissertations & Theses, 2001 - 152 p.

Source: Dissertations Abstracts International, Volume: 63-04, Section: A.

Thesis (Ph.D.)--Drexel University, 2001.

This study examines post-issue performance of public and private equity issuers. The samples of primary, combination, and secondary public seasoned equity offerings include offerings made during the period 1974 to 1997. The sample of private primary equity placements includes placements made during the period 1979 to 1994. Secondary equity issuers significantly overperform, while primary (public and private) and combination equity issuers underperform matching companies in the five year post-issue period. I find some support for the incorrect risk matching explanation of underperformance for public primary and combination equity issuers. The results are inconsistent with the predictions of investor overoptimism, the Barberis, Shleifer, Vishny (1998) investor sentiment model, and the Daniel, Hirshleifer, Subramanyam (1998) model. However, they are consistent with the representativeness heuristic. Also, the results show that abnormal performance is stronger when uncertainty is higher. Secondary equity issuers overperformance is stronger for smaller companies, issues made in December, and for issues in which sellers have strong reasons to sell the shares. Overperformance is smaller or does not exist for issues in which the seller is related to management. Post-placement performance is worse for companies with low book-to-market value, for companies with high standard deviation of earnings forecasts, companies with negative prior earnings, developing and distressed companies. The results are inconsistent with the hypotheses that in general private equity placements increase the value of company by providing quality certification or improved monitoring. Companies that have positive investor reaction to the placement announcement have even worse post-placement performance than other placing companies. However, the placements made to managers or significant shareholders seem to increase the company value. Positive investor reaction to the placement announcement followed by increase in the number of public equity issues and poor stock price performance suggest that, although incorrectly, investors may be believing that private equity placements provide quality certification.

ISBN: 9780493179025Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Equity issues

Issues in public and private equity offerings.
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