臺灣博碩士論文加值系統

This dissertation is comprised of two topics related to private equity placement.
Attig, Cleary, Ghoul, and Guedhami (2012) argue that long-term institutional
investors have an informational advantage that stems from their ability to invest more
resources in generating precise information and more efficiently engage in quality
research than short-term institutional investors. The first topic provides the evidence
that long-term institutional investor has an information advantage to private equity
placement firms. The firm invested by long-term institutional investors could deliver
the better quality of a firm than by short-term institutional investors, and thereby
reduce the agency cost or entrenchment cost and information asymmetry between
managers and external investors.
Brophy, Ouimet, and Sialm (2009) and Chen, Dai, and Schatzberg (2010)
consider a private investment in public equity (PIPE) offering the last resort equity
financing for firms that are barred from traditional financing tunnels. The second
topic provides evidence of managerial motives for raising equity capital by examining
the decision to cancel private equity placements. Financial constraint and
undervaluation are both the managerial motivations to complete private equity
placement. The firms that complete placements have better post-performance
benefited from monitoring effect of sophisticated investor. The firms that cancel
placements under financial constraints have worst post-performance due to unsolved
financial difficulty and the reluctance of sophisticated investor to dedicate capital to
issuers.

Essay 1
Abstract 1
1. Introduction 2
2. Data 6
3. Methodology 7
4. Empirical Results 15
5. Conclusion 22
References 24
Tables 28
Essay 2
Abstract 40
1. Introduction 41
2. Literature review and development of hypotheses 45
3. Data and methodology 48
4. Empirical results 56
5. Conclusion 64
Appendix 66
References 67
Tables 70
Figure 85

Essay 1
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Essay 2
Alderson, M. J. and B. L. Betker, 2000. “The Long-Run Performance of Companies That Withdraw Seasoned Equity Offerings,” Journal of Financial Research, 23, 157-178.
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Barclay, M. J., C. G. Holderness, and D. P. Sheehan, 2007. “Private Placements and Managerial Entrenchment,” Journal of Corporate Finance, 13, 461-484.
Brophy, D. J., P. P. Ouimet, and C. Sialm, 2009. “Hedge Funds as Investors of Last Resort,” Review of Financial Studies, 22, 541-574.
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Chen, H. C., N. Dai, and J. D. Schatzberg, 2010. “The Choice of Equity Selling Mechanisms: PIPEs versus SEOs,” Journal of Corporate Finance, 16, 104-119.
Chen, A. S., L. Y. Cheng, K.-F. Cheng and S. W. Chih, 2010. “Earnings Management, Market Discounts and the Performance of Private Equity Placements,” Journal of Banking & Finance, 34, 1922-1932.
Chen, S. S. and Y. Z. Wang, 2012. “Financial Constraints and Share Repurchases,” Journal of Financial Economics, 105, 311-331.
Clarke, J, C. Dunbar, and K. M. Kahle, 2001. “Long-Run Performance and Insider Trading in Completed and Canceled Seasoned Equity-Offerings,” Journal of Financial and Quantitative Analysis, 36, 415-430.
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Maestro, M. H., A. de Miguel, and J. Pindado, 2001. “Financial Constraints: Model and Evidence from International Data,” Social Science Research Network, Working paper, SSRN: http://ssrn.com/abstract=274690.
Martos-Vila, M., 2011. “A Theory of Private vs. Public placements in Public firms,” Social Science Research Network, Working paper, SSRN: http://ssrn.com/abstract=1360389.
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Shiu, C. Y. and H. S. Wei, 2013. “Do Private Placements Turn Around Firms? Evidence from Taiwan,” Financial Management, forthcoming.
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Wu, Y. L., 2004. “The Choice of Equity-Selling Mechanisms,” Journal of Financial Economics, 74, 93-119.