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Essays on disclosure, firm value, an...

Zhang, Ying (Jenny).

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Essays on disclosure, firm value, and financing activity.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on disclosure, firm value, and financing activity./
Author:	Zhang, Ying (Jenny).
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2007,
Description:	150 p.
Notes:	Source: Dissertations Abstracts International, Volume: 69-04, Section: A.
Contained By:	Dissertations Abstracts International69-04A.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3271253
ISBN:	9780549101710

Essays on disclosure, firm value, and financing activity.
Zhang, Ying (Jenny).

Essays on disclosure, firm value, and financing activity. - Ann Arbor : ProQuest Dissertations & Theses, 2007 - 150 p.

Source: Dissertations Abstracts International, Volume: 69-04, Section: A.

Thesis (Ph.D.)--University of Kansas, 2007.

.

This dissertation consists of three essays. Essay one investigates the contracting and financing activities by biopharmaceutical firms which went public during July 1996 to December 2004. With respect to external contracting, a total of 1,969 contracts of various types were signed by these firms since their inception till the end of 2006. In terms of financing via private placement, these firms entered into 200 deals since they went public till December 2006. The capital raised via private placement ($9.5 billion) almost double these firms' IPO amount ($5.5 billion). The external contracting activity seems to affect the financing terms in that higher volume of recent contracts is linked to higher price of sale of stocks. Recent stock performance is also shown to be positively and significantly associated with private equity placement price. Essay two studies the market reaction to FDA fast track designations. For a total of 109 public announcements of such designations made during 1998 to 2004, stock prices on average increase 9% on the day of announcements. Trading volume also increases significantly on announcement day. Other positive reactions include better analyst coverage and higher institutional holdings following the designations. These benefits seem to concentrate on announcing firms that are small, without products on market, and with low prior institutional holdings. Essay three investigates the trading and return around earnings announcement for Chinese A-shares. Stock prices tend to rise before and after earnings announcements, however take a significant drop on announcement day. (Abnormal) Trading activity is significantly higher during the announcement window and directly affects the stock returns.

ISBN: 9780549101710Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Biopharmaceutical industry

Essays on disclosure, firm value, and financing activity.
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300 $a 150 p.
500 $a Source: Dissertations Abstracts International, Volume: 69-04, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Koch, Paul D.;Anderson, Christopher W.
502 $a Thesis (Ph.D.)--University of Kansas, 2007.
506 $a .
520 $a This dissertation consists of three essays. Essay one investigates the contracting and financing activities by biopharmaceutical firms which went public during July 1996 to December 2004. With respect to external contracting, a total of 1,969 contracts of various types were signed by these firms since their inception till the end of 2006. In terms of financing via private placement, these firms entered into 200 deals since they went public till December 2006. The capital raised via private placement ($9.5 billion) almost double these firms' IPO amount ($5.5 billion). The external contracting activity seems to affect the financing terms in that higher volume of recent contracts is linked to higher price of sale of stocks. Recent stock performance is also shown to be positively and significantly associated with private equity placement price. Essay two studies the market reaction to FDA fast track designations. For a total of 109 public announcements of such designations made during 1998 to 2004, stock prices on average increase 9% on the day of announcements. Trading volume also increases significantly on announcement day. Other positive reactions include better analyst coverage and higher institutional holdings following the designations. These benefits seem to concentrate on announcing firms that are small, without products on market, and with low prior institutional holdings. Essay three investigates the trading and return around earnings announcement for Chinese A-shares. Stock prices tend to rise before and after earnings announcements, however take a significant drop on announcement day. (Abnormal) Trading activity is significantly higher during the announcement window and directly affects the stock returns.
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