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Issues in public and private equity ...

Marciukaityte, Dalia.

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Issues in public and private equity offerings.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Issues in public and private equity offerings./
Author:	Marciukaityte, Dalia.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2001,
Description:	152 p.
Notes:	Source: Dissertations Abstracts International, Volume: 63-04, Section: A.
Contained By:	Dissertations Abstracts International63-04A.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3008632
ISBN:	9780493179025

Issues in public and private equity offerings.
Marciukaityte, Dalia.

Issues in public and private equity offerings. - Ann Arbor : ProQuest Dissertations & Theses, 2001 - 152 p.

Source: Dissertations Abstracts International, Volume: 63-04, Section: A.

Thesis (Ph.D.)--Drexel University, 2001.

This study examines post-issue performance of public and private equity issuers. The samples of primary, combination, and secondary public seasoned equity offerings include offerings made during the period 1974 to 1997. The sample of private primary equity placements includes placements made during the period 1979 to 1994. Secondary equity issuers significantly overperform, while primary (public and private) and combination equity issuers underperform matching companies in the five year post-issue period. I find some support for the incorrect risk matching explanation of underperformance for public primary and combination equity issuers. The results are inconsistent with the predictions of investor overoptimism, the Barberis, Shleifer, Vishny (1998) investor sentiment model, and the Daniel, Hirshleifer, Subramanyam (1998) model. However, they are consistent with the representativeness heuristic. Also, the results show that abnormal performance is stronger when uncertainty is higher. Secondary equity issuers overperformance is stronger for smaller companies, issues made in December, and for issues in which sellers have strong reasons to sell the shares. Overperformance is smaller or does not exist for issues in which the seller is related to management. Post-placement performance is worse for companies with low book-to-market value, for companies with high standard deviation of earnings forecasts, companies with negative prior earnings, developing and distressed companies. The results are inconsistent with the hypotheses that in general private equity placements increase the value of company by providing quality certification or improved monitoring. Companies that have positive investor reaction to the placement announcement have even worse post-placement performance than other placing companies. However, the placements made to managers or significant shareholders seem to increase the company value. Positive investor reaction to the placement announcement followed by increase in the number of public equity issues and poor stock price performance suggest that, although incorrectly, investors may be believing that private equity placements provide quality certification.

ISBN: 9780493179025Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Equity issues

Issues in public and private equity offerings.
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245 1 0 $a Issues in public and private equity offerings.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2001
300 $a 152 p.
500 $a Source: Dissertations Abstracts International, Volume: 63-04, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Szewczyk, Samuel H.
502 $a Thesis (Ph.D.)--Drexel University, 2001.
520 $a This study examines post-issue performance of public and private equity issuers. The samples of primary, combination, and secondary public seasoned equity offerings include offerings made during the period 1974 to 1997. The sample of private primary equity placements includes placements made during the period 1979 to 1994. Secondary equity issuers significantly overperform, while primary (public and private) and combination equity issuers underperform matching companies in the five year post-issue period. I find some support for the incorrect risk matching explanation of underperformance for public primary and combination equity issuers. The results are inconsistent with the predictions of investor overoptimism, the Barberis, Shleifer, Vishny (1998) investor sentiment model, and the Daniel, Hirshleifer, Subramanyam (1998) model. However, they are consistent with the representativeness heuristic. Also, the results show that abnormal performance is stronger when uncertainty is higher. Secondary equity issuers overperformance is stronger for smaller companies, issues made in December, and for issues in which sellers have strong reasons to sell the shares. Overperformance is smaller or does not exist for issues in which the seller is related to management. Post-placement performance is worse for companies with low book-to-market value, for companies with high standard deviation of earnings forecasts, companies with negative prior earnings, developing and distressed companies. The results are inconsistent with the hypotheses that in general private equity placements increase the value of company by providing quality certification or improved monitoring. Companies that have positive investor reaction to the placement announcement have even worse post-placement performance than other placing companies. However, the placements made to managers or significant shareholders seem to increase the company value. Positive investor reaction to the placement announcement followed by increase in the number of public equity issues and poor stock price performance suggest that, although incorrectly, investors may be believing that private equity placements provide quality certification.
590 $a School code: 0065.
650 4 $a Finance. $3 542899
650 4 $a Studies. $3 3433795
650 4 $a Gravity. $3 535300
650 4 $a Investments. $3 566987
650 4 $a Heuristic. $3 568476
650 4 $a Efficiency. $3 753744
650 4 $a Investor behavior. $3 3684816
650 4 $a Optimism. $3 563872
650 4 $a Hypotheses. $3 3560118
650 4 $a Copyright. $3 601694
650 4 $a Benchmarks. $3 3548256
653 $a Equity issues
653 $a Private equity offerings
653 $a Public equity offerings
653 $a Seasoned equity offering
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710 2 $a Drexel University. $3 1018434
773 0 $t Dissertations Abstracts International $g 63-04A.
790 $a 0065
791 $a Ph.D.
792 $a 2001
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3008632