臺灣博碩士論文加值系統

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.

Contents
1. Introduction 1
2. Literature Review 3
2.1 Private Placements 3
2.2 Corporate Governance 4
3. Data and Methodology 7
3.1 Sample Selection 7
3.2 Methodology: Cumulative Abnormal Return of Private Placement 8
3.3 Variable Description 9
4. Empirical Results 12
4.1 Year and Industry Distribution 12
4.2 Variables and Descriptive Statistics 12
4.3 Descriptive Statistic of CAR 13
4.4 Empirical Results of CAR 14
4.5 Empirical Results of the Determinations of Private Placements 15
5. Conclusion 16
Reference 28

List of Table
Table1 Distribution of Completed and Cancelled Private Placements 17
Table2 Summary Statistics of Completed and Cancelled Private Placements 18
Table3 Descriptive Statistics on Completed and Cancelled Private Placement 20
Table4 CAR Regression 21
Table5 The Determination of Successful or Withdrawn Private Placements 26
Table6 The Determination of Successful or Withdrawn Private Placements (Without
Unspecific Withdrawn Date) 27

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