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Private-placement Firms' Performance and Institutional Investors: The Roles of New and Old Institutional Investors
|關鍵字:||私募;機構投資人;監督效果;Private placements of equity;Institutional investors;Monitoring||引用:||Akerlof, George A., 1970, The market for 'Lemons' quality uncertainty and the market and merchanism, Quarterly Journal of Economic 84, 488-500. Akerlof, George.A., 2002, Behavioral macroeconomics and macroeconomics behavioral, American Economic Review 92, 411-433. Brook, L. D., and J. Edward Graham, 2005, Equity private placements, liquid assets, and firm value, Journal of Economics and Financial 29, 321-336. Burns, Natasha, Kedia, Simi, and Lipson, Marc, 2010, Institutional ownership and monitoring: Evidence from financial misreporting, Journal of Corporate Finance 16, 443-455. Bushee, Brian J., 2001, Do institutional investors prefer near-term earnings over long-run value?, Contemporary Accounting Research 18, 207-246. Chemmanura, Thomas J., Shan He, and Gang Hu, 2009, The role of institutional investors in seasoned equity offering, Journal of Financial Economics 94, 384-411. Chung, Richard, Michael Firth, and Jeong Bon Kim,2002, Institutional monitoring and opportunistic earnings management, Journal of Corporate Finance 8, 29-48. Coffee, J. C., 1991, Liquidity versus control: The institutional investor as corporate monitor, Columbia Law Review 91, 1277-1368. Cornett, Marcia Millon, Alan J. Marcus, Anthony Saunders, and Hassan Tehranian, 2007, The impact of institutional ownership on corporate operating performance, Journal of Banking and Finance 31, 1771-1794. Demiralp, Ilhan, Ranjan D'Mello, Frederik P. Schlingemann, and Venkat Subramanian, 2001, Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings, Journal of Corporate Finance 17, 1340-1359. Gibson, Scott, Assem Safieddine, and Ramana Sonti, 2004, Smart investment by smart money: Evidence from seasoned equity offerings, Journal of Financial Economics 72, 581-604. Gillan, Stuart L., and Laura T. Starks, 2000, Corporate governance proposals and shareholder activism: The role of institutional investors, Journal of Financial Economics 57, 275-305. Hartzell, Jay C. and Laura T. Starks, 2003, Institutional investors and executive compensation, Journal of Finance 58, 2351-2374. Hertzel, Michael, Michael Lemmon, James S. Linck, and Lynn Rees, 2002, Long-run performance following private placements of equity, Journal of Finance 57, 2595-2617. Hertzel, Michael and Lynn Rees, 1998, Earnings and risk changes around private placements of equity, Journal of Accounting, Auditing, and Finance 13, 21-35. Jensen, C. Michael and William H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs, and ownership, Journal of Financial Economics 3, 305-360. Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam, 1998, Investor psychology and security market under- and overreactions, Journal of Finance 53, 1839-1885. Lee, H. W. and K. Claudia, 2001, Firm characteristics and seasoned equity issuance method: Private placement versus public offering, Journal of Applied Business Research 17, 23-36. Marciukaityte, D., S.H. Szewczyk and R. Varma, 2005, Investor overoptimism and private equity placements, Journal of Financial Research 28, 591-608. McConnell, J.J., Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612. Myer, Stewart C., and Nicholas S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221. Pound, John, 1988, Proxy contests and the efficiency of shareholder oversight, Journal of Financial Economics 20, 237-265. Spiess, D. Katherine, and John Affleck-Grave, 1999, The long-run performance of stock returns following debt offering, Journal of Financial Economics 54, 45-73. Stoughton Neal M., and Josef Zechner, 1998, IPO-mechanisms, monitoring and ownership structure, Journal of Financial Economics 49, 45-77. Wahal, Sunil and John J. McConnell, 2000, Do institutional investors exacerbate managerial myopia?, Journal of Corporate Finance 6, 307-329. Wruck. Karen Hopper, 1989, Equity ownership concentration and firm value, Journal of Financial Economics 23, 3-28. Wu, Yi Lin, 2000, The choice between public and private equity offerings, Working paper, SSRN, FEN Cap-Structure WPS. Wu, Yi Lin, 2004, The choice of equity-selling mechanisms, Journal of Finance 74, 93-119.||摘要:||
This paper investigates the relationship between private-placement firms' long-run performance and institutional investors by examining three issues: (1) the impact of institutional holdings on private-placement firms' performance, (2) the firms' characteristics that affect the institutional holding around private-placement and (3) how the participation of the new institutional investors in private-placements would affect the long-run performance. The results show that the change of the institutional holding and firms' size are positively and significantly related to the long-run stock performance. The new and old institutional investors are likely to increase their ownership around the private-placements for big firms, and the institutional investors tend to increase their ownership when the firms' stock price is lower than book value. In addition, the new institutional investors will increase their ownership when firms issue more shares. When firms have private-placements: the increase of the old institutional investors ownership does not affect the firms' long-run performance, but the new institutional investors improves the firms' long-run performance.
|Appears in Collections:||財務金融學系所|
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