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1
Tan, Juan Edward Banking & Finance Australian School of Business UNSW. "The announcement effect of private placements of hybrid securities in Australia". Awarded by:University of New South Wales. Banking and Finance, 2004. http://handle.unsw.edu.au/1959.4/20549.
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This thesis investigates the share price response to the announcement of private placements of hybrid securities in Australia. Firstly, the size and direction of the share price response is examined. Secondly, the determinants of the share price response are examined. Where possible, comparisons are made to evidence from international markets. The sample of data tested consists of 43 announcements of convertible debt issues, 39 announcements of preference share issues and 19 announcements of option issues made between 1983 and 2000 by Australian firms. The analysis of the share price impact in response to the announcements is conducted using Maynes and Rumsey (1993) event study methodology that adjusts for thin trading. The determinants of the share price response are examined using model specifications that are derived from the theoretical literature. The analysis of the announcement effect of private placements of hybrid securities finds significant negative abnormal returns for convertible debt issues, insignificant negative abnormal returns for preference share issues and significant positive abnormal returns for option issues. In comparison to international studies, the convertible debt results are similar to public and rights issues, the insignificant preference share results are similar to other findings and the option results are similar to private placements of equity and rights issues of options. The results of the investigation of the determinants of the announcement effect of private placements of hybrid securities finds that convertible debt issues are best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the information asymmetry - dynamic hypothesis and the agency cost hypothesis. The impact of preference share issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the agency cost hypothesis and the price pressure hypothesis. The announcement effect of option issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry -dynamic hypothesis and the optimal capital structure hypothesis.
2
Logan, Twila Mae. "Cross-sectional analysis of the pricing of private equity placements". Connect to resource, 1995. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1262712392.
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Bentley, Judith Kay. "Identity formation : a comparison of adolescents adopted through agency versus private placements". PDXScholar, 1991. https://pdxscholar.library.pdx.edu/open_access_etds/4115.
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The purpose of this study was to investigate factors which might influence the identity formation process in adopted adolescents. Specifically, this research looked at agency versus independent adoption placement as a choice reflecting the adoptive parents' preference for involvement with or distance from a possible adoptive family support network before and after placement. Subjects were also divided according to those whose family had belonged to an adoptive family support group and those who had not. The study involves a combination of descriptive and correlational research methods.
4
Lambe, Jeremy. "A historical analysis on the status of unilateral private placements in special education". Thesis, Northern Illinois University, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3707097.
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With the passage of the Education for All Handicapped Children Act (EAHCA) in 1975, parents were provided the right to a hearing if they did not agree with the special educational services being provided to their child. However, it was not until the IDEA 1997 amendments that tuition reimbursement was specifically offered when a school district failed to provide a free and appropriate public education (FAPE) to a child with a disability. In current times, when parents disagree about the services provided to their child, they often do not wait for the due process procedure to resolve the issue. Instead, they withdraw their child from the public school and place them in a specialized private school. After unilaterally placing their child in the private school, parents are then able to seek tuition reimbursement and compensatory educational services from the public school system.
As school districts attempt to provide special education students with a free and appropriate public education, they are forced to accomplish this within budgetary realities. Considering that individual cases of tuition reimbursement have cost districts over one million dollars, it is essential that school administrators are familiar with each aspect of unilateral private placements. In order to provide school administrators with a relevant legal history of unilateral private placements, a legal research methodology was employed for this study. The resulting review and analysis will provide public school educators with information on current trends, as well as potential new provisions during the next reauthorization of IDEA.
5
REGO, RICARDO BORDEAUX. "BRAZILIAN S CAPITAL MARKET CHANGE: PRIVATE VERSUS PUBLIC STOCK PLACEMENTS AFTER PLANO REAL". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2004. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=5749@1.
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COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOREsta tese investiga a decisão por emissões públicas ou particulares de ações no Brasil. É apresentada uma revisão da literatura nacional e internacional sobre o assunto. É relatada a evidência empírica no Brasil. Dois modelos são construídos de forma a elucidar o problema investigado, à luz da literatura revista e da evidência empírica: Análise Discriminante e Regressão Logística. A legislação relativa às emissões e ações no Brasil é resumida. Os resultados apontam para maior propensão à emissão privada de empresas estatais ou holdings, com menor lucratividade (maiores prejuízos), que realizaram emissões de menor porte, apresentavam maior concentração de propriedade, endividamento e menor liquidez em Bolsa de Valores.
This dissertation studies the decision for public issues or private placements of equity in Brazil as a source of capital. The national and international literature on the subject is reviewed. The empirical evidence of placements of the Brazilian capital market and the characteristics of the issuers are also presented. After the discussion of the evidence and literature, two models are constructed: Multiple Discriminant Analysis and Logistic Regression, relating the characteristics of firms to the decision of type of issue. The regulation of stock issues is also discussed. The results show that firms with less liquid stocks, more debt, lower returns on equity and profits, more concentration of control and smaller issues, more probably use private issues.
6
Dionysiou, Dionysia. "Private placements of equity and transactions with existing blocks of shares : evidence from UK listed companies". Thesis, University of Edinburgh, 2010. http://hdl.handle.net/1842/27913.
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Prior studies suggest that theories on equity offerings applicable to the US are not always applicable to the UK. Further, to my knowledge, little evidence exists on pure UK private placings and, no evidence on blocks of already listed shares (secondary offers). This study considers this lack of evidence and contributes to the extant literature by investigating these two types of equity offerings. More specifically, the study focuses on three main themes: the placing offered discount or premium, the long-run abnormal performance surrounding the offers and, whether the US puzzling reversal of private placement abnormal returns (AR) is also valid in the UK. With regards to the first theme, OLS analysis suggests that information costs and liquidity costs are the main determinants of the discount of private placements. Concerning the secondary offerings, they are also mainly priced at discount. However, the secondary offering discount appears to reflect uncertainty about the stock value. The findings contradict the US evidence that imply stonger monitoring costs, especially for the secondary sample. Premiums reflect extraction of private benefits, regardless of the offer type. Regarding the second theme, the performance of private placing firms peaks at the offer year and turns negative few years later. The findings suggest the firms time the offer when the stock is overvalued and indicates high selling growth opportunities. While the findings for secondary offers suggest post-offer underperformance, the firms also engage into downwards earnings management the year before the offer. These factors explain the post-offer underperformance. Finally, concerning the third theme, the reversal is also observed in the UK. However, when liquidity and pre-event momentum risk factors are taken into account, the post-offer underperformance disappears. The findings strongly suggest that the traditional models used to measure long-run AR are misspecified. They are unable to adjust for reduction in liquidity risk which changes the risk factor loadings. Hence, the reported AR are downwards biased. As a conclusion, the study adds to the body of knowledge within the equity offerings area. It also contributes to theories such as signalling, agency and market efficiency. Finally, it provides methodological suggestions.
7
Nilsson, Mattias. "Essays in empirical corporate finance and governance". Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-587.
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Agency Costs of Controlling Minority Shareholders (coauthored with Henrik Cronqvist) estimates the agency costs of controlling minority shareholders (CMSs) using a panel of Swedish listed firms. CMSs are owners who have a control stake of the firm’s votes while owning only a minority fraction of the firm’s equity. The study documents that families in control are almost exclusively CMSs through an extensive use of dual-class shares. The results show that increased ownership of votes by a controlling owner is associated with an economically and statistically significant decrease in firm value, but that the decrease in firm value is significantly larger for firms with family CMSs than for firms with financial institutions or corporations in control. This indicates that the agency costs of family CMSs are larger than the agency costs of other controlling owners.Family Ownership, Control Considerations, and Corporate Financing Decisions: An Empirical Analysis analyzes the relation between concentrated family control and firms’ choice of capital structure for a panel of Swedish listed firms. The results suggest that the capital structure choices made by firms with families in control are influenced by the controlling families’ desire to protect their control, and that the resulting capital structures are likely to increase the agency costs of family control. The Choice between Rights Offerings and Private Equity Placements (coauthored with Henrik Cronqvist) analyzes the determinants of the choice between rights offerings and private equity placements using a sample of rights offerings and private placements made by listed Swedish firms. The results indicate that control considerations explain why firms make uninsured rights offerings. The evidence also suggest that private placements, and to some extent underwritten rights offerings, are made by potentially undervalued firms in order to overcome underinvestment problems resulting from asymmetric information about firm value. Furthermore, private placements are frequently made in conjunction with the establishment of a product market relationship between purchaser and seller, which is consistent with equity ownership reducing contracting costs in new product market relationships. Why Agency Costs Explain Diversification Discounts (coauthored with Henrik Cronqvist and Peter Högfeldt) studies diversification within the real estate industry, in which firms can diversify over property types and geographical regions. Similar to previous studies, this essay documents the existence of a diversification discount. However, the major cause of the diversification discount is not diversification per se but anticipated costs due to rent dissipation in future diversifying acquisitions. Firms expected to pursue non-focusing strategies do indeed diversify more, are valued ex ante at a 20% discount over firms anticipated to follow a focusing strategy, and are predominantly family controlled. The ex ante diversification discount is, therefore, a measure of agency costs. The Difference in Acquirer Returns between Takeovers of Public Targets and Takeovers of Private Targets shows, for a sample of Swedish takeovers, that the average acquirer abnormal return is positive and significant when the target firm is privately held but insignificant when the target firm is listed on a stock exchange. These results are robust when controlling for sample selection problems and other variables capable of explaining acquirer returns. The evidence is consistent with greater acquirer bargaining power and resolution of information asymmetries in takeovers of private targets.Diss. Stockholm : Handelshögskolan, 2002
8
Watson, John. "Comparison of the long-run stock return performance of firms subsequent to private equity placements and rights issues in the New Zealand stock market a dissertation submitted to Auckland University of Technology in partial fulfilment of the requirements for the degree of Bachelor of Business (Honours), 2007". Abstract Full dissertation, 2007.
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Molin, Johan. "Essays on corporate finance and governance". Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.], 1996. http://www.hhs.se/efi/summary/421.htm.
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Fiori, Laura <1978>. "Product placement e libertà di espressione". Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2008. http://amsdottorato.unibo.it/742/.
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Object of the search is the advertising phenomenon of the "product
placement", with reference to that it has been investigated legality’s limits,
as well as the relationship with the constitutionally protected liberty of
expression.
Particularly, it has been analyzed, in first place, the problem of the
relationship between the freedom of expression and the liberty of economic
initiative, with particular reference to the different circles of guardianship to
these prepared: or, larger, the one provided for the first from the 21th article
of Costitution, more circumscribed, instead, the one established in the 41th
article of Costitution, with reference to the second. This analysis has been
made with the purpose to investigate the coordination among such liberties
in those forms of communications that, for the proper peculiarities that
characterize them, can be qualified, according to the concrete circumstances
in which they are spread, so much forms of liberty of expression, how much
exercise of an activity of enterprise.
Under this last profile, it has been taken attention on the advertising activity
and, specially, on the non transparent publicities, or not immediately
perceivable as such from their receivers, and, therefore, in contrast with the
advertising trasparence’s principle: or, the so-called cases of hidden
publicity, what the editorial publicity, both "in narrow sense" both "in
general sense", as well as the phenomenon of the product placement (or
positioning of product), by now diffused in the commercial routine.
Therefore, it has been proceeded to a complete and exhaustive examination
of innovations introduced by the recent legislative discipline in subject of
“planned placement of marks and products” in the cinema works,
appraising, in the specific one, the effects, juridical and no juridical,
consequential from the introduction of a first form of regulation of the
phenomenon of the product placement and, particularly, from the express
provision about the legality of the use to such advertising, if it has realized
according to specific requirements or condition. In relationship to such
profile, it has been also investigate limits (sub kind of normative gaps) from
which the recently introduced discipline in subject would seem
characterized.
Finally, a further circle of investigation has concerned the possible
organization of the phenomenon under a negotiate aspect, as particular
contract of advertising, in which the object consists in an promotional
activity. Concerning this, the experience of foreign countries (above all the
Anglo-Saxon one) has been very important, because of the absence, in our
arrangement, of a general normative discipline about advertising contracts.
Consequently, I’ve investigated principal characteristics of similar
contracts, in first place the atypicalness, because of the lack, in Italy, of a
legislative discipline of this contract. Such investigation has also been
developed through a comparation between the positioning of product and
the other advertising contracts, among which, particularly, the sponsorship,
as well as the contracts for the advertising exploitation of the name and
other people's image, and, specially, the contract of testimonial and the
contract of endorsement.
11
Hsu, Hui-yun, i 許惠雲. "Private benefits from Private Placements of Equity". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/28616665151730684392.
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Chen, Kung-Chi, i 陳孔麒. "Two Essays on Private Equity Placements". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/88925156140861732721.
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博士國立中正大學
財務金融研究所
102
This dissertation is comprised of two topics related to private equity placement. Attig, Cleary, Ghoul, and Guedhami (2012) argue that long-term institutional investors have an informational advantage that stems from their ability to invest more resources in generating precise information and more efficiently engage in quality research than short-term institutional investors. The first topic provides the evidence that long-term institutional investor has an information advantage to private equity placement firms. The firm invested by long-term institutional investors could deliver the better quality of a firm than by short-term institutional investors, and thereby reduce the agency cost or entrenchment cost and information asymmetry between managers and external investors. Brophy, Ouimet, and Sialm (2009) and Chen, Dai, and Schatzberg (2010) consider a private investment in public equity (PIPE) offering the last resort equity financing for firms that are barred from traditional financing tunnels. The second topic provides evidence of managerial motives for raising equity capital by examining the decision to cancel private equity placements. Financial constraint and undervaluation are both the managerial motivations to complete private equity placement. The firms that complete placements have better post-performance benefited from monitoring effect of sophisticated investor. The firms that cancel placements under financial constraints have worst post-performance due to unsolved financial difficulty and the reluctance of sophisticated investor to dedicate capital to issuers.
13
CIOU, YU-TING, i 邱鈺婷. "Announcement Effects of Private Equity Placements". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/64wtvb.
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碩士國立高雄第一科技大學
財務管理系碩士班
105
Using the event study methodology, this study examines investors’ reactions to firm announcements of private placement. A sample of 654 private placement announcements during January 2002 and December 2015 in Taiwan was obtained. The empirical findings are as follows: 1. The short-run effects of private equity placement: The cumulative average abnormal return of private placement announcement and the announcement on the first day after announcement are both significantly positive. It shows placement can bring positive gains for shareholders. The long-run effects of private equity placement: The CAR is significant positive. 2. Regardless whether the market is bullish or bearish, abnormal returns is positive. 3. Stock market reaction to the announcements of private placement differs by industry. The average cumulative abnormal returns for firms in electronic industry are smaller than those for firms in other industries.
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Fu, Chiang, i 傅強. "Tunneling Evidence from Private Placements in China". Thesis, 2010. http://ndltd.ncl.edu.tw/handle/11012300069464114375.
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碩士國立臺灣師範大學
管理研究所
98
This study aims to examine the association between discounts for private placements and the identity of the investors buying the shares in China. This study also examines the impact of corporate governance on discounts for private placements. This study further examines whether the private equity firms outperform matching firms after the private placements. The empirical results show that discounts for private placements sold to large shareholders were significantly higher than the discounts for private placements in which large shareholders do not participate. In addition, the percent of stocks held by the three largest shareholders was significantly related to the discounts for private placements. When private placements sold to large shareholders, the identity of the controlling shareholders has an impact on the discounts for private placements. Furthermore, this study finds that the Tobin’s Q of the private placement companies is significantly lower than that of the matching firms after private placement. The private placement companies have lower total asset turnover and sales growth rate than matching companies. Therefore, the empirical results suggest that the private placement firms underperform matching firms after private placement.
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Lee, Hui-Ling, i 李惠玲. "A Study of Private Equity Placements and Shareholders’Gains". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/55193100172134853825.
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碩士淡江大學
國際商學碩士在職專班
95
Private equity placement is an alternative instrument with lower regulatory and flexible issuing covenant. It seems that both issuer and informed investors can benefit from private placement. However, what’s the impact on small shareholders who are not able to participate? We collect 143 samples during 2002/1/1 to 2006/12/31, by market model event study and multivariable regression, to study the abnormal returns and selling price around private equity placement. Our findings are as below: 1. Private placement can bring positive shareholders’ gains. 2. Different to former studies defined their event date as the date of shareholder meeting; in our study we define event date as announcement date of private equity placement. Our evidence shows that shares price were reacted upon announcement on the date of directors meeting or press released. 3. There might have information leakage prior to announcement. 4. Abnormal returns are significant positive related to placement scale, insider holding, and Tobin Q; but significant negative related to market value to book value, and stock performance. It implies that investor might gain from the placements with high proceed to market value, fraction, and Tobin Q. 5. Selling prices are significant positive related to placement proceeds to market value, ROA, insider holdings, and repayment; but significant negative related to fraction placed, corporate governance, and stock returns.
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Chang, Yi-ting, i 張逸婷. "A Study of Shareholder Protection in Private Placements". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/7r6y9t.
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碩士東吳大學
法律學系
100
In 2001 and 2002, Taiwan amended Company Act and Securities and Exchange Act to introduce private placement with the reference to the U.S. legal system. During the ten-year period, many companies deemed it as profitable, practical and cost-effective manner of raising capital, not only because it is cheaper, but also it is less time consuming. Companies who are not strong financially also seek funds to expand by private placement. However, since private placement occurs when a company makes an offering of securities not to the public, but directly to an individual or a small group of investors, and securities are usually issued at a discount, agency problem raises between management and shareholders. The most common situation is that the board of directors undertakes inefficient private placement to consolidate its control rights, improperly transfers control rights or issues private equity at a price strongly in favor of the purchasers. Shareholder protection in private placements is the study core of this paper with the purpose of putting forth legislative proposals so as to reduce agency costs. According to Article 43-6 of Securities and Exchange Act, a public company carries out private placement of securities upon adoption of a resolution by at least two-thirds of the votes of the shareholders present at a meeting of shareholders who represent a majority of the total number of issued shares. This paper probes into the allocation of power between the board of directors and shareholders in private placements and holds that private placements should be resolved by the board of directors which relatively conforms with “director primacy” model of corporate governance. But, since private placement will dilute existing shareholder, this paper suggests that whereas there exist severe conflicts of interests between management and shareholders, exceptions shall be approved by shareholders. Furthermore, in order to prevent directors improperly interfere with the rights of shareholders by private placements, it is held that private placement should be resolved by a committee consisting of independent directors. In addition, Securities Investors Protection Center can sue a director for breach of his fiduciary duties in the course of a private placement so as to guide shareholders to attach importance to fiduciary duties of directors.
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CHIEN, HSIANG-YING, i 簡湘穎. "Media Management for Private Placements and Public Offerings". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/73348868085933722075.
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碩士國立中正大學
企業管理系研究所
104
This study investigates whether media management exists in private placements and public offerings. In order to precisely analyze media management on private placements and public offerings, we use Support Vector Machine (SVM) as measure to train news term so that we can establish news feature classification model. We use news, which from 1996 to March 2016 in TEJ to analyze and collect study data. We end up collect 3083 total news in “before the announcement day” period, including 586 private placement news and 2497 public offering news. In “after announcement day” period, we have 3031 total news, including 586 private placements news and 2445 public offering news. According to our regression results, we find that media management exists in private placements and public offerings. In addition, private market prefers to control news coverage by increasing positive news and decreasing negative news.
18
Liang, Hsiao-Chen, i 梁曉珍. "Two Essays on Equity Private Placements in Taiwan". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/35482662530402628414.
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博士國立臺灣科技大學
企業管理系
101
“Private placement” is the sale of securities to a limited number of qualified specific institutions or high wealth investors. The advantages of speedy and flexible issue process and cost savings in private placements have made the private placement market escalate rapidly worldwide during the past few years. However, in Taiwan, there were some moral hazard problems in private placements. In order to prevent these negative side effects of private placements, the Financial Supervisory Commission keeps on seeking to enhance the supervision of the private placement system by amending and promulgating the relevant regulations. This dissertation thus studies several important issues on private placements and examines the factors behind these phenomena. The first essay systematically examines the factors that determine price discounts and announcement effects of equity private placements conducted by firms in Taiwan from 2002 to 2008. Different with most studies of private placements using available observations as a whole sample, this study separates the whole sample into subsamples by exchange-listed firms and OTC firms. The results for OTC firms corroborate the information hypothesis; that is the discounts serve as compensation for investor's costs of assessing firms, while abnormal returns reflect the information about firm quality. Moreover, some of the findings support an information explanation and some support a monitoring explanation in the case of exchange-listed firms. It seems that the motives behind equity private placements between exchange-listed and OTC firms are different. The second essay investigates the news management phenomenon around the private placement announcements in Taiwan. The results show that the issuers truly could engage in news management. The essay contributes the private placement literature on news management, which expands the research domain of private placements and investigates if managers manipulate the media to facilitate private placements. This study also provides evidence supporting the view that managers may have unique incentives to affect investors’ perceptions of firm value around the private placement announcements. Finally, the evidence supports the notion that private placements are useful for resolving adverse selection and moral hazard problems through the media. Private placements with a strategic purpose provide great opportunities for issuers to release good news.
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Pei-HuaTang i 湯佩樺. "The Relation between Price Discounts on Private Placements and Types of Placements,Family-controlled Firms". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/23911616056051894895.
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Yeh, Ching-Yi, i 葉京怡. "The Pricing and Wealth Effects of Private Equity Placements". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/47955541002205686876.
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博士國立中山大學
財務管理學系研究所
100
This dissertation investigates the pricing and the market reaction to the announcement of private placements. A sample of 181 private placement announcements during January 2002 and March 2007 in Taiwan was obtained. This dissertation consists of two essays on the private placements. The first essay identifies the conditions determining insiders will pay more (or less) in private placement. We explore the argument of private placement pricing sold to insiders by considering the changes in the control power of the largest shareholders in private placement, using the Banzhaf power index to better reflect the largest shareholder’s relative power of influence. Our results indicate that, if the existing insiders maintain their leading control status, in cases where insiders are the main investors, private placements are issued at deep discounts that benefit themselves; however, in cases where outsiders/new insiders are the main investors, outsiders and new insiders will pay relatively more when existing insiders dominate. Contrarily, if existing insiders fail to retain their leading position and become less powerful after private placement, outsiders and new insiders buy at lower prices. In more than 65% of the sample, the largest shareholders lost their leading control status, and the issuer’s ownership structure becomes more concentrated following private placements. In the second essay, we examine whether the announcement of private placement and public offering share the same announcement effects. In particular, we investigate whether the market reactions to private placement announcements vary with different placement motivations and investor types. In addition, we focus on the dark side of private placement by studying how the stock price reaction to private offerings when insiders intentionally lower the offer price to self-dealing, or when within-group private placements are motivated by the controlling shareholders’ tunneling. The results indicate that private placements generally result in a positive wealth effects, however, public offerings associated with negative announcement effects. The market reacts more favorably to private placements in which a strategic alliance or merger are involved, or to private placements where investors actively participate in the management or even procures the controlling rights of the company. It suggests that the motivation and investor type of private placement convey important information to market investors regarding the issuing firm’s performance. Moreover, we have evidence to support the dark side of private placements. For issuing firms with stronger tendency towards self-dealings by insiders or tunneling in transactions between firms within a business group, they are more likely to have poor performance after private placement. However, we have no evidences to support the firm quality hypothesis.
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Chen, Kang, i 陳綱. "The Offerings and Transactions of Securities In Private Placements". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/23051914103842980729.
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碩士國立成功大學
法律學研究所
96
This essay remains focusing on the offerings and the transactions of securities of private placements, by studying the Act of the Firm､the Act of the Securities Exchanges, and the authorized regulations of Taiwan in connections with the private placements. To complete the study, can not disregard the whole scope of securities exchanges in private placements, i.e. ,the chains from the private offering to the transactions of securities. However, the aims remains above could not possibly be achieved, unless covering the public offerings and the transactions of securities, to ensure the limits and the boundaries in-between on the one hand, to grasp the connections and contradictions of them. In other words, To know and understand private placements must at the same time know and understand the public offerings, without the other, the solitude one can not be imaged at all, no matter in history or system of the securities. This study intend to explore not only the private placements itself, but the whole complex waving law systems and sub-systems of securities offered by the firms, which including all kinds of purposes and situations of the offerings and the transactions, searching out the relationships direct or indirect, and trying to provide the resolutions for the question still remained. To begin with, the study follows the trace of the basic concepts both of the public offerings and private placements in chapter 2, trying to crystallize the inner elements of the main concepts. In chapter 3, by discussing the basic structures of the regulations of the public offerings and private placements, this study tries to display the legislative reasons, the prohibitions and the applying of the private offerings and the transactions. In chapter 4 and chapter 5, this study separately reconstructs the private offerings and the transactions of securities in general and in detail, at the same time, continually compares the public offerings with the private placements in that spheres. At the last, in chapter 6, this study offers some examinations and suggestions about the topics, mildly and moderately suggests that legislator should take some necessary steps to amend the regulations to reduce the costs of the low liquidity of the private placements without putting the benefits and the wealth of the market-participants in unnecessary dangers.
22
Cheng, Hsi-Wen, i 鄭翖文. "Cash Saving and Equity Issue: SEOs and Private Placements". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/g5qq64.
Pełny tekst źródłaStreszczenie:
碩士國立中興大學
會計學研究所
101
This study primarily examines whether the relationship between cash saving and SEOs and Private placements can be explained by market timing theory or precautionary theory. Secondly, this study inspects the effect of corporate lifecycle theory on the financial decisions of firms. At last, this study tests the influence of audit quality on this cash saving phenomenon. The findings show that, on the market timing perspective, the coefficient between market timing proxy and cash saving is significant positive; however, the interaction term of SEOs or private and market timing proxy are significant, but not constant. As a result, we can only infer that market timing theory plays an important role in cash saving issue, but needs further research on it. On precautionary perspective, its proxy is significant related to cash saving, and the interaction term of SEOs and precautionary proxy are significant positive, while interaction term of private and precautionary proxy are not significant. It indicated that the cash saving effect on SEOs can be explained by precautionary motive theory, while the effect on private placements is not. The result of corporate lifecycle theory on the financial decisions of firms shows a significant positive relationship among SEOs and introduction stage and growth stage, indicated that there’s a higher chance that firms in introduction stage and growth stage issues SEO, while it shows significant negative coefficient on private side. We infer that the introduction stage of firm typically is high-risked and their financial information are less transparent, so they can’t find a steady partner to issue private placement on. At last, the coefficient between audit quality and cash saving is significant negative, indicated that high audit quality can constrain the effect of cash saving.
23
JIANG, PEI-ZHEN, i 江佩真. "Earnings Management and Long-term Performance of Private Placements". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/tw4b26.
Pełny tekst źródłaStreszczenie:
碩士朝陽科技大學
會計系
106
Authority introduced private placement to solve capital shortage for companies which have financial difficulties or special needs. Companies can conduct either seasoned equity offerings (SEOs) or private placements to raise fund. This study investigates the differences of real earning management between SEOs and private placements and the effects of earning management in long-term performance. I collect samples of private placements and SEOs from 2009 to 2014. The results of the study show that private placements compared to SEOs are less likely to engage in earnings management. There is no significant difference in earning management between strategy investors and non-strategy investors. On the other hand, we find that companies with earning management have poor long-term performance. Private placements and SEOs engage in the higher degree of earnings management, the worse long-term performance.
24
Chen, Po-Han, i 陳柏翰. "CEO Overconfidence and the Stock Performance following Private Placements". Thesis, 2014. http://ndltd.ncl.edu.tw/handle/13022130443850883772.
Pełny tekst źródłaStreszczenie:
碩士國立臺灣大學
財務金融學研究所
102
Nowadays, private placement becomes a common financing method in capital market, and there are increasing numbers of company using private placements to finance capital. Existing studies suggest that firms announcing private placements follow positive stock performance. Nevertheless, entrenchment effect which leads the negative announcement effect of private placements is supported in recent years. We note that private placements have not linked to CEO overconfidence in the prior literature. Therefore, in this study, we test if overconfident CEOs affect stock performance following private placements. In empirical results, we find that firms with overconfident CEO perform worse than those with rational CEOs when they announce private placements. However, no significant difference exists in firms with overconfident CEO.
25
Miao, Chih-Wei, i 苗致偉. "A Study on Legal Problems Relating to Private Placements". Thesis, 2003. http://ndltd.ncl.edu.tw/handle/04886934551379338069.
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碩士國立臺北大學
法學系
91
The development of international financial market tends toward globalization and liberalization in recent years. Therefore, the great urgent topic we have to emphasize is how to create nimble and flexible channels of raising funds for enterprises, being in order to maintain efficient management and competition of internal business companies. The establishment of private placements is one of the methods purposing to simplify and increase the channels of raising funds for business companies. However, reviewing the development of financial market in Taiwan from ancient times to the present, the market of private placements is restrained strictly because of the limitation of Securities and Exchange Law and Company Law, etc. For resolving and modifying above predicament, the Competent Authority starts to provide amendments of relating laws and regulations positively in order to build up the market of private placements.For example, the legislators amended Article 248, Section 2 of the Company Law to establish the system of non-public offering of debenture stock on November twelfth 2001, moreover, the legal system of private placements which were also set up in below several laws like Securities and Exchange Law (which were amended on January sixteenth 2002)、Statute for the Securitization of Financial Asset(which were announced on July twenty-four 2002)、Statute for the Securitization of Real Estate (which were announced on July ninth 2003). Nevertheless, the most of internal enterprises still fell confused and have no sense about private placements because of no definite guidance、direction and actual experience about raising funds by the method of private placements. Hence, for letting people realize this system deeply and making legal system of private placements more workable and perfect, this article will introduce the basic conception of private placements first, then compare the diversity of system and regulations between in U.S. and Taiwan with a panoramic view, finally, providing the comment and amending suggestion to purpose to construct a effective and more available legal system of private placements in Taiwan.
26
Chiang, Chen-Fu, i 姜振富. "The Information Contents of Disclosure Enhancement Effects for Private Placements". Thesis, 2009. http://ndltd.ncl.edu.tw/handle/64396122891296429364.
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27
Chiu, Yuting, i 邱于庭. "Default Risk and the Announcement Effects of Private Equity Placements". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/87271988318190091924.
Pełny tekst źródłaStreszczenie:
碩士國立暨南國際大學
財務金融學系
99
We adopt the sample of listed companies in Taiwan Stock Exchange to examine the relationship between default risk and private placement equity and to provide a more clear evidence of the role of private placement in reducing default risk. Through grouping the sample into default risk increasing and default risk decreasing private placements, our empirical results show that: (1) there are significantly positive announcement responses in default risk decreasing sample, while there are no significantly positive market responses in default risk increasing ones. (2) The funding of private placements is mainly driven by insiders in default risk decreasing sample, and the purposes are mostly for active strategy. Contrarily, the purpose of default risk increasing sample is higher in financial distress than default risk decreasing, and the percentage of new insiders in default risk increasing sample is higher than default risk decreasing ones. (3) The post-operating performance of default risk decreasing sample are improved in default risk decreasing sample. (4) As long term return, the default risk increasing sample is much better than default risk decreasing ones. (5) Finally, the default risk increasing sample private equity at a discount, while the default risk decreasing sample place private equity at a less discount or a premium. The evidence shows that private placement pricing conveys information to the stock market regarding firms default risk change.
28
Yang, Chien-hui, i 楊千慧. "Wealth Changes in Private Common Equity Placements—Announcers Versus Rivals". Thesis, 2004. http://ndltd.ncl.edu.tw/handle/77395849828826014581.
Pełny tekst źródłaStreszczenie:
碩士淡江大學
會計學系碩士班
94
This study uses event study to investigate the effects on shareholder wealth, for both the announcing firm and its rivals, of the private common equity placements. We also try to identify two competing hypotheses: Information-signaling hypothesis and competitive hypothesis. And then we use regression models to determine what might cause dispersed intra-industry effect to private placement. The results show that announcers and its rivals experience significant negative cumulative abnormal returns, which indicate that the information signaling effect dominates the competitive effect. Additionally, we report that the announcement of private common equity placement have heterogeneous intra-industry effects. It is noted that announcers’ cumulative abnormal return and its private placement fraction have a significantly positive relationship with the abnormal returns of rival firms. Conversely, firm size has a significantly negative relationship with the abnormal returns of rival firms, but the purpose of private placement is partially supported. Overall, it can be seen that information signaling effects hold after other variables, that could affect the intra-industry effect of private placement, are controlled.
29
Tan, Juan Edward. "The announcement effect of private placements of hybrid securities in Australia /". 2004. http://www.library.unsw.edu.au/~thesis/adt-NUN/public/adt-NUN20050310.191855/index.html.
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30
Wu, Pei-Ru, i 吳佩儒. "Price Behavior of Stocks around Private Placements for Taiwan Listed Companies". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/e5g497.
Pełny tekst źródłaStreszczenie:
碩士淡江大學
財務金融學系碩士在職專班
106
This study uses a sample of Taiwan-listed companies that issued shares in private placements from 2013 to 201. This paper uses the event study method to explore whether private equity stocks have significant abnormal returns around the ex-rights day, and the private placement price is above or below the par value for comparative analysis, and further discusses the impact of the exchange or industry on the results. The research results show that the private placement of Taiwan-listed companies has a positive effect on the common stock price. The positive effect of the private placement price below the par value is significantly higher than of the private placement price above the par value, and the average abnormal return of the company listed in Taipei Exchange is higher than the company listed in TWSE, so that the stock price has no significant effect to TWSE-listed companies whose private placement price is above the par value. As for the electronic or non-electronic sector, it will not affect the degree of reaction of the common stock price to information of the private placement.
31
Ho, Chun-Yi, i 何俊毅. "Announcement Effects and Long-Run Performance Following Private Placements of Equity". Thesis, 2015. http://ndltd.ncl.edu.tw/handle/63143860505621095960.
Pełny tekst źródłaStreszczenie:
碩士國立高雄第一科技大學
風險管理與保險研究所
103
The study mainly explores the effects of private placements of equity by the listed and OTC companies in Taiwan on investment performance of retail investors around the announcement and in the long term, after eliminating or decreasing the interference factors from frequent private placements by companies. The sources of related samples and data are the databases as follows: TEJ+, CTMONEY, and the Market Observation Post System(MOPS) in the Taiwan Stock Exchange. We adopt the event-study methodology to measure the abnormal returns of private equity issuing firms by means of three benchmark return models with the month of equity pricing as the event one. The announcement effect is examined with the market model, and the long-term investment performance of retail investors is separately assessed with the market model, control firm model, and calendar-time portfolio model. Finally, the empirical results suggest that around the announcements of private equity issues retail investors can earn positive abnormal returns concentrated in the event month, however, experience long-term normal returns or negative abnormal returns following private placements of equity.
32
Chang, Tai Jung, i 張泰榕. "Case study on Private Placements of Securities System and Business Transformation". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/64132676061342471152.
Pełny tekst źródłaStreszczenie:
碩士國立政治大學
經營管理碩士學程(EMBA)
104
The public companies in Taiwan, either profit companies confronting the bottleneck of growth or loss companies facing the financial deficit or operating dilemma, recently conduct private placement of securities in droves for fundraising. The research revealed that a company conducted private placement for business transformation would consider the fact in connection with its incentive as follows: lower issue cost and quick time effectiveness, reducing the information asymmetric, easy to negotiate the term sheet, confronting financial deficit or operating dilemma, M&;A or alliance intention, lower stock price performance and seeking stable right of management. The key success factor of private placement is choosing the right private placee. We need to carefully evaluate the status, purpose, fund source of the private placee. The research use the case company to see how the company conduct its business transformation through the private placement system. The fund raising from the private placement and value-added by the strategy investor could bring a company being reborn through the moment of business transformation. The research also brought up some suggestion to protect the right of shareholders.
33
Li, Shih-Ting, i 李詩婷. "How Corporate Governance Affects the Success or Withdrawal of Private Placements?" Thesis, 2013. http://ndltd.ncl.edu.tw/handle/02705568517426336135.
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碩士國立中正大學
財務金融研究所
101
This paper provides evidence on the success or withdrawal of private placements of common stocks associated with corporate governance. In contrast to previous literature, which focuses on successful private placements, we examine the relationship between private placements and corporate governance. Our empirical findings are not consistent with our hypothesis that corporate governance mechanisms influence the implement of private equity offerings. Only family-controlled factors and some company characteristics are significant.
34
"Brazilians capital market change: private versus public stock placements after plano real". Tese, MAXWELL, 2004. http://www.maxwell.lambda.ele.puc-rio.br/cgi-bin/db2www/PRG_0991.D2W/SHOW?Cont=5749:pt&Mat=&Sys=&Nr=&Fun=&CdLinPrg=pt.
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35
Chang, Yu-chieh, i 張玉潔. "The information content of private common equity placements under non-herding behavior". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/73351369656989736869.
Pełny tekst źródłaStreszczenie:
碩士國立聯合大學
管理研究所
96
This paper is in accordance with Goh et al.（1999） research methods. Without taking into account the cumulative abnormal returns into positive and negative group and analysts earnings forecast revisions whether there are herding behaviors, this paper examines the information content of private common equity placement announcements as the comparison base. Secondly, this paper plans to consider the cumulative abnormal returns of private common equity placement announcements into positive and negative group, but without considering that analyst earnings forecast revisions whether there are herding behaviors. This sample is separated into two parts: positive cumulative abnormal returns and negative cumulative abnormal returns. Finally, the study considers analysts earnings forecast revisions whether there are herding behaviors without information content. After eliminating whole sample herding behaviors, the results show that cumulative abnormal returns of non-herding behaviors of private common equity placement announcements is significantly negative announcement effect, and analysts make significantly downward revision to their forecasts for current-year earnings. After the Samples is split into two parts, these findings suggests that if cumulative abnormal returns of non-herding behavior of private common equity placement announcements is positive, analysts make significantly upward revision to their forecasts for current-year earnings ,and it indicates that the market convey favorable information; whereas the cumulative abnormal returns of non-herding behavior of private common equity placement announcements is negative, analysts make significant downward revision to their forecasts for current-year earnings ,and it indicates that the market convey unfavorable information. Therefore, there are relationships between cumulative abnormal returns and analyst earnings forecast revisions. These findings are consistent with the information hypothesis.
36
Tsao, Ming-Shih, i 曹明世. "Investor Characteristics、Shareholder Wealth Effects and Issued Price of Private Equity Placements". Thesis, 2009. http://ndltd.ncl.edu.tw/handle/77620204696513045903.
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碩士國立交通大學
管理學院碩士在職專班財務金融組
97
ABSTRACT In the past literature, there is no consistency in the conclusions about the impact of common stock private placement to shareholders’ wealth. Differences mainly come from different investor characteristics, private placement discount, and declaration dates (including dates when board of directors decide to have private placement, when shareholders meeting approve to have private placement, when offering price announced, when payments were made，or when investors were identified). Thus, this paper intend to examine different announcement and its effect to shareholders’ wealth under related private placement regulations in Taiwan. Moreover, this study intend to explore factors that affect private placement discount, especially for different investor characteristics This study uses event study methodology to examine shareholder wealth effects surrounding private placements of common stock, and employs multiple regression models to analyze the factors of discount on private placement .The findings indicate that there is no information leakage before different declaration dates and semi-strong form market hypothesis in line when the date board of directors decide to have private placement. Furthermore, this study finds that impacts to shareholders’ wealth are smaller when investors are insiders. Empirical results demonstrate that market value, market–to-book ratio and equity dilution ratio are key factors that affect private placement discount. Also find that different investor characteristics have different private placement discount. Insiders’ smaller discount was in line with financing purpose. For strategic cooperation purpose, passive and active investors’ larger discount was in line with the management entrenchment hypothesis.
37
Lee, Hsin-Ting, i 李心婷. "The Variables to the Approvals/Denials of Chinese SEOs and Private Placements". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/96809682509089004609.
Pełny tekst źródłaStreszczenie:
碩士國立臺灣大學
國際企業學研究所
100
This article infers the variables that may be adopted by Chinese SEC in the process of reviewing the SEO applications of firms and investigates the potential earnings management conducts of SEOs companies. Between 1997 and 2010, the companies successfully going through the processes of SEOs via Shanghai and Shenzhen Stock Exchange A shares tend to have more pronounced earnings management. Firms in the first-tier cities and the unprotected industries have higher degree of earnings management and also appear to be easier than the other firms to be approved. The companies that issue new shares to the related parties through private placements appeared to do manipulate their earning downward, thus they are alleged to lower the issue price. Finally, our tests comparing non-applicants and the granted SEOs companies show that latter group is with greater ROEs. Moreover, the applying companies tend to have abnormal discretionary accruals. In recent years, the result also shows that the granted companies manage their earnings downward.
38
連義修, Yi-Hsiu Lien, i 連義修. "Long-term performance of private equity placements - a study of corporate governance". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/15508744917714653320.
Pełny tekst źródłaStreszczenie:
碩士淡江大學
財務金融學系碩士在職專班
99
This thesis applies event study to investigate the 1-year and 3-year long-term abnormal return of private placement. We also exam the effect of corporate governance factors on private placement issues. We find that there are signficant positive 1-year and 3-year abnormal return after private placement. The regression analysis reveals that the negative influence of the board stock pledge ratio on private placement abnormal return. The higher the pledge ratio the lower the long-term abnormal return.
39
Chen, Miawjane, i 陳妙珍. "Short-run and Long-run Performance in and following Private Debt Placements". Thesis, 2004. http://ndltd.ncl.edu.tw/handle/61173897636987705373.
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博士國立中央大學
財務金融研究所
92
Short-run and Long-run Performance in and following Private Debt Placements Essay 1: Wealth changes in private debt placements-announcers versus rivals This study empirically estimates the effect on shareholder wealth when firms announced private debt placements of different types of security, straight debt and convertible debt. We find that private straight debt placement announcement lead to small but significantly negative stock price responses for both the announcing and rival firms, suggesting that the information-signaling effects dominate the competitive effects. However, no significant intra-industry effect on rival firms is observed for announcements of private convertible debt placement. Announcements of private straight debt placement have heterogeneous intra-industry effects. These results hold after other variables are controlled which could explain the intra-industry effects of private straight debt placements. Specifically, the negative effect is significantly larger for lower leveraged rival firms and rival firms where the returns of the announcing and rival firms are highly correlated. Essay 2: Long-run stock price and operating performance following private debt placements This study empirically examine the long-run stock-price and operating performance for firms offering straight and convertible debt through private placements. We find that, both of the firms that offering private straight debt placements or convertible debt placements do not show consistent evidence of long-run abnormal returns under the buy-and-hold abnormal return method, the Fama and French three-factor model or the Carhart four-factor model. Secondly, we find that the straight debt issuer performs significantly better than its industry counterpart does throughout the pre- and post-offer periods, for all the performance measures of IBER/sales, IBER/assets, IBER/equity, CE+RD/assets and M/B. However, we do not find evidence to support that a firm times their security issues during periods of relatively high operating performance and that the performance levels decline after issuing. A possible reason could be the special characteristics of private placement. Finally, we find that the private convertible debt issuer performs significantly worse than its industry counterpart in some of the pre- to post-intervals. In addition, we also find that firms do not experience any significant increase in operating performance prior to and after the offering of private convertible debt. The reason why sophisticated and institutional investors loan money to a company that does not perform better than its rivals. We have found that the sophisticated and institutional investors are overoptimistic about a firm’s growth prospects at the time of private convertible debt placement.
40
Murray, Joel Raymond. "Entrance testing at a private English language institute : toward more accurate placements". Thesis, 1999. http://hdl.handle.net/2429/9231.
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At a large school for adult international ESL students, the placement test, testing process,
and placement of students were perceived to be problematic. Three research questions were
asked:
1. What are the historical and institutional influences and limitations that have shaped
the institute's placement testing process?
2. On what basis do those concerned think that the test is flawed, and how widespread is
the problem?
3. Based on the findings of the previous research question as well as test analysis and
participant observation, where might problems with the institute's placement testing
and the resulting placements lie?
A qualitative design known as evaluative case study was used to describe and analyze the
placement test and testing process. To answer question #1, document analysis was used, along
with participant observation. To answer question #2, a questionnaire was distributed to all
instructors and two administrators, and both were interviewed informally and formally. To
answer question #3, for Part One (grammar, vocabulary, reading) of the placement test, 571
answer sheets were analyzed, and two sets of data were correlated using the Pearson product
moment correlation coefficient. For Part Two (guided writing), 121 answer sheets were
analyzed for completion and trends that might emerge. For Part Three (interview), the aforementioned questionnaire and interviews were used, and test-takers and teacher-interviewers
were observed on five registration days.
Findings related to question #1 indicated that historical and institutional influences and
limitations have shaped the placement testing process, with expansion of the school playing an
important role. Those related to question #2 indicated that the faculty and administration felt that
the test was flawed because of their belief that components of the placement test were of limited
usefulness and that the entire placement process was only somewhat useful to them.
Additionally, interview and questionnaire data revealed that the problem was widespread. Those
related to question #3 indicated that there were problems with each of the three parts of the test.
Specifically, the correlation between level as assigned by Part One and level as assigned by
interviewer, while high (r=0.84), was nonetheless not perfect. Furthermore, the correlation could
not take into account that the difference between levels at VELI were not equal. Part Two, the
writing test, did not distinguish among levels in its first section, and in its second section, a
disparity existed between the directions and a strip of cartoon-like drawings that caused
confusion among the test-takers. For Part Three, teacher-interviewers indicated that both a lack
of formal training in interviewing and varying competencies of interviewers might contribute to
misplacements.
Implications included guidelines both for the institute to follow to contribute to a more
accurate placement test and process, and for other language institutes or programs to use in the
creation of useful, accurate placement tests.
41
Liao, Jhih-Heng, i 廖志珩. "An Investigation of Shareholder Wealth Effects of Private Equity Placements: Taiwanese Evidence". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/6b57k5.
Pełny tekst źródłaStreszczenie:
碩士國立虎尾科技大學
經營管理研究所
100
This paper delves into the case of asymmetric information, whether there will be abnormal movements of stock price when the insiders obtain the private informations ahead of the announcements of private placement, and then the insiders can carry out arbitrage and earn the price margin by the abnormal movements of stock price. The empirical results indicate that there has been a significant rise in the stock price before the announcements of private placement, and the gains gradually slowed with close to the day of announcing private placement. This study adopts business valuation models to analysis the value -relevance between the corporate intrinsic value and cumulative abnormal returns. Empirical results reveal that both investor’s motivation and net asset value per share are positively correlated with cumulative average abnormal returns. Moreover, earnings per share, changes in shareholding of directors and supervisors, and the difference between corporate intrinsic value and Price/Book Value Method are negatively correlated with cumulative abnormal returns. In addition, there is no statistical relationship between cumulative average abnormal returns and types of private placement investor, numbers of private placement investor, shareholding ratio of directors and supervisors, the difference between corporate intrinsic value and Price/Earnings Ratio Method, or the difference between corporate intrinsic value and Price/Sales Multiples Method.
42
Wu, Jhih-Wei, i 巫志偉. "Earnings Management and the Long-Run Performance of Private Placements of Equity". Thesis, 2014. http://ndltd.ncl.edu.tw/handle/53932137782880862187.
Pełny tekst źródłaStreszczenie:
碩士國立中興大學
財務金融系所
102
This paper discusses whether earnings management before private placement of equity issued will be affected by factors (e.g., financial constraints or distress risk).Then we validate the impact of earnings management resulting from different factors on the long-run performance of the company. We try to figure out the situation that earnings management did not lead downward long-run performance. However, the empirical results of this study show that issuers with high distress risk are more likely to manage earnings, but the long-run performance after issued will be relatively poor. Although the financial constraints will not statistically affect the earnings management of private company, the earnings management resulting from slight financial constrains may have better long-run performance and change the negative perception of the past literature on earnings management.
43
LEE, TUNG TSAN, i 李東燦. "The Reform for Private Placements System in Securities Exchange Act of Taiwan". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/05582745946243966790.
Pełny tekst źródłaStreszczenie:
碩士東吳大學
法律學系
101
During more than ten years since the Taiwan’s authorities launched the private placement regime by amending the Securities Exchange Act in 2002, the private placement has become a significant fund raising manner for public companies. It has been working efficiently in terms of helping public listing companies which ever faced financial issues, getting capital injection timely and therefore survive over crisis. The private placement features for its low density from regulatory governing prospective and its exemption from right issues of existing shareholders, by which helps companies to get capital injected and proceed strategic alliance quickly. However, black sheep dwell in every fold. It was found that certain companies intended to take advantages of the private placement regime to benefit specific groups or management teams, at the same time cause damages to existing shareholders' rights and entitlements. The securities authority has enforced a supervising scheme since 2005 but it still can not eliminate all the public concerns regarding the legitimacy of private placements taken by a company where it is finally profitable while resolves to raise capital by a private placement with discounted issuance, and of that company insiders might intend to benefit themselves in a private placement. Therefore the government authority revisited the relevant regulations and made further amendments to existing rules which mainly include more strict requirements which shall apply to a company with profitable income statements and restrictions on insiders' or affiliates' subscription in a private placement. Such new revolution demonstrates the regulators have decided to take a more aggressive approach, quite apposite to its previous low-density one, to administrate private placements. However, it might be controversial and discussable whether such new strict revolution and administrative attitude can really resolve the negative concerns of existing shareholder protection. On the other hand, it might be also an issue whether these new revolutions would block or limit the use of the private placement for company fund raising or strategic alliance. This thesis will try to discuss and analyze these issues and make some suggestions. There are five chapters in this thesis. Chapter one is the introduction. Chapter two firstly explain the definition and features of a private placement following by elaboration of the pros and cons of a private placement regime, and then analyze the current implementation of such regime in Taiwan, by which will provide an overall outlook of private placements. The third chapter of the thesis will introduce the development history of the Taiwan regulatory regime governing private placements and the current main regulations and the supervising scheme thereof prior to 2010. The fourth chapter will provide the details of the regulatory amendment governing private placement enforced since 2010 including the new requirements applied to a profitable company and insiders' subscription in a private placement, and the outstanding issues unresolved by the amendment. Also, in terms of the new regulatory amendments, some discussion and analysis will be made. Lastly, the fifth chapter draws the conclusion and suggestion, in which relevant problems regarding the Taiwan’s private placement system will be outlined through the integration of the previous chapters’ contents. And from the advice offered in this thesis, hopefully our nation’s private placement system will benefit therefrom.
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Lu, Chi-Jung, i 呂季蓉. "The Research on the Influence of Investors on Private Placements in Taiwan". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/46802327606734968412.
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45
He, Daoping. "Earnings management and seasoned private equity placements : Evidence from U.S. and Japanese issuers". Thesis, 2008. http://hdl.handle.net/10125/20643.
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Thesis (Ph.D.)--University of Hawaii at Manoa, 2008.Seasoned private equity placement is an important vehicle by which public firms obtain equity financing. This study seeks to accomplish three goals regarding the issuance of private placements: (1) to investigate managers' earnings manipulation behavior of U.S. issuers around the time of the issuance; (2) to examine whether such earnings manipulation behavior helps explain the long-term post-issue stock underperformance; and (3) to provide further evidence from Japanese private placement issuers regarding the pattern of earnings management around the time of issuance and the extent to which it can explain the post-issue stock underperformance. The results show that managers of U.S. private placement issuers tend to engage in income-increasing earnings management around the time of the issuance and the income-increasing accounting accruals made at the time of private placements predict the post-issue stock underperformance. The study also finds that, similar to their U.S. counterparts, Japanese managers tend to report inflated earnings around the time of private placements issuance and the earnings management by Japanese private placement issuers in the year of issuance predicts the firm's post-issue stock underperformance.
Includes bibliographical references (leaves xxx-xxx).
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82 leaves, bound 29 cm
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Tsai, Li-Ling, i 蔡莉玲. "The Study on the Relationship between Stock of Private Placements and Business Performance". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/52526307155425651057.
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碩士中原大學
會計研究所
96
The system of private placement was established by government with the expectation that multiple channels of fund-raising provided for companies would, by utilizing the fund coming from the private placement, improve their financial affairs and performances. However, since the introduction of private placement, many problems derived from the operation of securities arose. This study first explores whether the performances of companies utilizing capital increase by cash are superior to those of companies utilizing private placement. In other words, the major purposes of this study are to find out if there are any significant differences between capital increase by cash and private placement and to explore the factors influencing business performance by using companies currently utilizing private placement as study samples. The findings of this study are as follows: 1. Financial Affairs: The indexes of the abilities of debt paying, profit making and cash flow of companies utilizing capital increase by cash were significantly better than those companies utilizing private placements were, and this result corresponds to the Pecking Order Theory. 2. By using regression analysis of the samples of private placements to study the variants of growth rate of capital expenditure, the growth rate of business scale, the scale of capital increase by cash, price increase per share, purpose of capital increase by cash and the stock holding ratio of internal personnel, five results were found: (1) Growth Rate of Capital Expenditure: As to the dependable variables of the index of the ability of debt paying (cash flow and interest cover ratio) and the index of profit making (shareholder equity, ROE and earning per share), there is a significant relationship between the growth rate of capital expenditure and the performance of companies utilizing private placement. The positive correlation shows that if there is investment after the capital increase by cash of a company, the performance will be better. Truement’s research (1986) claimed that capital expenditure had a positive effect on company’s values and Cheng’s study (1995) suggested that the performance of companies issuing equity securities would worsen if there were no investment; however, this effect would not be seen in the companies that did invest. The empirical proofs researched match the findings of Truement and Cheng’s studies. (2) Growth Rate of Business Scale: The 13 indexes of the five facets of the financial structure all indicate that significance exists between the growth rate of business scale and the business performance of the companies utilizing private placement, and there are positive correlations. This means that the bigger the business scale is, the better the performance of the companies utilizing private placement will be. (3) Scale of Capital Increase by Cash: As for the dependable variables such as the index of debt paying ability (current ratio, interest cover ration) and the index of ability of running business (inventory turnover and total assets turnover), a significance exists between the scale of capital increase by cash and the business performance of the companies utilizing private placement. Such correlations are negative which means that the bigger the demand of the capital, the higher the debt ratio and the interest expense will be. This would decrease the current ratio and the interest cover ratio. (4) Price Increase per Share: This was found only in the index of growth such as the growth rate of profit margin indicating that significance exists between the scale of capital increase by cash and the business performance of the companies utilizing private placement. Such correlation is positive. (5) Purpose of Capital Increase by Cash: This was evidenced in the indexes of the ability of profit making and the current ratio. This means that significance exists between the purpose of capital increase by cash and the business performance of the companies utilizing private placement and the correlation is negative. This indicates that if the purpose of capital increase by cash is to improve operational capital and to pay debt, the benefit will not be too great if the conditions of profit making are unfavorable. In addition, the capital increased will not significantly affect the condition of profit making. (6) Stock Holding Ratio of Internal Personnel: No significance was found between the stock holding ratio of internal personnel and the business performance of the companies utilizing private placement in any of the 13 indexes of the five facets of the financial structure. No supporting evidence was found to support either the hypothesis of information transmission or the hypothesis of interest constringency/pillage.
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Hsieh, Wen-Xin, i 謝文欣. "Long-term performance of the private equity placements- a study on investor types". Thesis, 2010. http://ndltd.ncl.edu.tw/handle/22182457793671611837.
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碩士淡江大學
財務金融學系碩士班
98
Private placement system has been implemented since February 2002 in Taiwan to cater for the financial need of enterprises. Previous studies indicate that the long-term performance of investment varies with different investors. The study, therefore, examines whether abnormal returns exist and how the investor types influence the long-term performance by analyzing 198 sets of data from private equity companies. Results show that one year later after private equity, abnormal returns significantly exist not only in all samples but also in active private placement cases. These findings are consistent with certification hypothesis and monitoring theory.
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Chan, Ju-Wang, i 詹聚旺. "The study on timing of IPO and private placements by venture-backed companies". Thesis, 2001. http://ndltd.ncl.edu.tw/handle/64533777887522945326.
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碩士國立中山大學
財務管理學系研究所
89
This paper examines the timing of initial public offerings and private placements by venture-backed companies. Using a sample of 187 venture-backed IPOs and private placements in a variety of industries between 1991 and 2000 over TSEC and OTC, we find that these companies go public when equity valuationsare high and employ private placements when values are lower. Seasoned venture capital appears to take firms public when industrial equity valuations are higher than their less experienced counterparts. The results are robust to differential specifications of control variables.
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Lee, Chung-Yi, i 李仲益. "Private Placements of Equity and Systematic Risk – Application of the Beta Decomposition Model". Thesis, 2014. http://ndltd.ncl.edu.tw/handle/ck73xf.
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碩士國立中興大學
財務金融系所
102
The existing literature finds that firms perform poorly after private placements, which is explained by investors overoptimism. This study uses the two-beta model: cash-flow beta and discount-rate beta, following Campbell and Vuolteenaho (2004) to investigate both issues. Cash-flow beta represents the risk of future investment opportunities, and discount-rate beta represents company’s sensitivity to market discount rate. The results show that firms with low cash-flow beta have poor long-run performance. This implies that with low sensitivity to cash flows are likely to perform poorly following private placements. Further, the negative relation between discount-rate beta and long-run performance indicate that investors are prone to be overoptimistic about high discount-rate beta firms.
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HSIN, YEH YA, i 葉雅欣. "The Effects of Seasoned Equity Offerings and Private Placements on Stock Return and Liquidity". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/87277213367123841167.
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