https://scholars.lib.ntu.edu.tw/handle/123456789/427159
Title: | The choice of equity-selling mechanisms | Authors: | YI-LIN WU | Keywords: | Private placement; Public offering | Issue Date: | 2004 | Journal Volume: | 74 | Journal Issue: | 1 | Start page/Pages: | 93-119 | Source: | Journal of Financial Economics | Abstract: | This paper examines the impact of information asymmetry and monitoring of managers on the choice between public offerings and private placements. Three key findings emerge. First, private placement firms have higher information asymmetry than public offering firms. Second, private placement investors do not engage in more monitoring than public offering investors. Finally, discounts for private placements sold to managers are higher than discounts for private placements in which managers do not participate. The final two findings cast doubts on the widely held view that private placements are motivated by a demand for enhanced monitoring. ? 2004 Elsevier B.V. All rights reserved. |
URI: | https://www2.scopus.com/inward/record.uri?eid=2-s2.0-9944228565&doi=10.1016%2fj.jfineco.2003.08.003&partnerID=40&md5=4edfd8af791d4a4f9729e94e964b643d https://scholars.lib.ntu.edu.tw/handle/123456789/427159 |
DOI: | 10.1016/j.jfineco.2003.08.003 |
Appears in Collections: | 經濟學系 |
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