Private placements of equity and firm value : value enhancing or value destroying?

• المؤلفون الرئيسيون: Kang, Jun-Koo, Park, James L.
• مؤلفون آخرون: Nanyang Business School
• التنسيق: مقال
• اللغة: English
• منشور في: 2022
• الموضوعات: Business::Finance; Corporate Governance; Agency Costs
• الوصول للمادة أونلاين: https://hdl.handle.net/10356/153620

This paper reassesses two conflicting hypotheses on the valuation impacts of private placements of equity (PPEs), the monitoring/certification hypothesis and the managerial entrenchment hypothesis, by focusing on the shareholder approval, active buyer, and premium pricing features of PPEs. We find t...