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標題: 私募公司的績效與機構投資人-新舊機構投資人的角色
Private-placement Firms' Performance and Institutional Investors: The Roles of New and Old Institutional Investors
作者: Yi-Hsien Chang
關鍵字: 私募;機構投資人;監督效果;Private placements of equity;Institutional investors;Monitoring
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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.
其他識別: U0005-1007201417561700
Rights: 同意授權瀏覽/列印電子全文服務,2017-07-18起公開。
Appears in Collections:財務金融學系所

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