The Long-run and Short-run Investment Performances of Firms After Private Placement
碩士 === 淡江大學 === 財務金融學系碩士班 === 97 === There are more and more enterprises using private placement after private placement is permitted in Taiwan. It shows that private placement is becoming one choice for public companies to raise capital.This study explores the characteristics of firms conducting pr...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2009
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| Online Access: | http://ndltd.ncl.edu.tw/handle/31768893628366696503 |
| Summary: | 碩士 === 淡江大學 === 財務金融學系碩士班 === 97 === There are more and more enterprises using private placement after private placement is permitted in Taiwan. It shows that private placement is becoming one choice for public companies to raise capital.This study explores the characteristics of firms conducting private equity offer from Taiwan listed company from February 2002 to June 2007. We adopt 195 enterprises from Market Observation Post System and TEJ database.
This study provides information on abnormal shot-term stock returns in different events of private placement of equity and the one years’ stock price performance after private placement of equity.The results of this study are as follows：
1. The firms of private placement of equity have a positive short-term announcement effect in the date of the Shareholders'' Meeting. Besides, the firms also have significantly positive cumulative average abnormal returns in the ex-rights date.
2. The firms of private placement of equity have negative long-term cumulative average abnormal returns after one year of the ex-rights date.
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