There are more and more enterprises using private placement after private placement is permitted in Taiwan in 2002. It shows that private placement is becoming one choice for public companies to raise capital. The study examines the announce effect of private placement, the one year stock price performance after private placement, variables related to stock price performance after private placement, and earning management in private placement. The results of the study as follows¡G
1.Public enterprises¡¦ private placement did not have a significant announcement effect; it maybe because that most public enterprises with private placement were small enterprises, when they announced private placement did not catch investors attentions.
2.Insiders know more information than general investors, and most private placement rose from insiders. It maybe shows that insiders think enterprises would get better after private placement. So insiders got major portion of private placement maybe the reason of the significant positive of one year stock price performance after private placement.
3.In regression analysis, firm size and stock price performance present significant negative relationship, the ratio of insiders and institutions has significant positive relationship with stock price performance.
4.The study did not find enterprises through earning management lure investors to attend private placement.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0809106-204859 |
| Date | 09 August 2006 |
| Creators | Huang, Yi-hsiang |
| Contributors | none, none, none |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0809106-204859 |
| Rights | campus_withheld, Copyright information available at source archive |
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