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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 林嬋娟(Chan-Jane Lin),曹承礎(Tim Chou) | |
dc.contributor.author | Jonathan CHOW | en |
dc.contributor.author | 周家駒 | zh_TW |
dc.date.accessioned | 2021-06-15T03:02:39Z | - |
dc.date.available | 2009-08-18 | |
dc.date.copyright | 2009-08-18 | |
dc.date.issued | 2009 | |
dc.date.submitted | 2009-07-30 | |
dc.identifier.citation | REFERENCES
• Barclay, M.J., Holderness, C.G., Sheehan, D.P., 2001 The block pricing puzzle. Simon School of Business Working Paper, No. FR 01-05. • Barclay, M.J., Holderness, C.G., Sheehan, D.P., 2003. Private placements and managerial entrenchment. AFA 2004 San Diego Meetings working paper series. • Bebchuck, L.A., 1999. A rent-protection theory of corporate ownership and control. Working Paper, NBER, Cambridge MA. • Brophy, D.J., Ouimet, P.P., Sialm, C., 2009. Hedge funds as investors of last resort, Review of Financial Studies 22, 541-574 • Butler, A., G. Grullon, and J. Weston 2005. Stock market liquidity and the cost of issuing equity, Journal of Financial and Quantitative Analysis 40, 331-348. • Calhoun, D., 2007. Non Traditional Offering Structures: PIPEs, equity lines, and SPACs, Morris, Manning and Martin, Working Paper. • Carpentier C.,, L’Her J.F., Suret, J., 2005. The costs of issuing private versus public equity, Scientific Series, Working Paper. • Chaplinsky, S., and D. Haushalter, 2006. Financing under extreme uncertainty: Contract terms and returns to private investments in public equity, Working Paper, University of Virginia • Chemmanur, T.J. and P. Fulghieri, 1999, A theory of the going public decision, Columba University working paper. • Cronqvist, H., and M. Nilsson, 2005. The choice between rights offerings and private equity placements, Journal of Financial Economics 78, 375-407. • Dai, N., 2007. Does investor identity matter? An empirical explanation of investments by venture capital funds and hedge funds in PIPEs, Journal of Corporate Finance 13, 538-563 • Dai, N., 2008. The rise of PIPE market. Companion to Private Equity (Chapter 7), John Wiley & Sons, Inc. • Dresner, Steven. PIPEs: A Guide to Private Investments in Public Equity. New York, 2006 • Hertzel, M., and R.L. Smith, 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48, 459-485 • Loughran, T., and J.R. Ritter, 1995. The new issues puzzle, Journal of Finance 50, 23-51. • Ma, T., Yeh, C., Hsu, H.Y., What determines the discount for private equity offerings: ownership or control right? • Mello, A., Parsons, J., 1998. Going public and the ownership structure of the firm. Journal of Financial Economics 49, 79-109 • Mola S. and T. Loughran, 2004. Discounting and clustering in seasoned equity offering prices, Journal of Financial and Quantitative Analysis 39, pp. 1-23. • Ng, C and R. Smith, 1996. Determinants of contract choice: The use of warrants to compensate underwriters of seasoned equity issues, Journal of Finance 51, 363-380 • “Placement Tracker” Sagient Research. 2009 <http://www.sagientresearch.com/pt/> • Wruck, K.H., and Wu, Y., 2007. The value of relationship investing: evidence from private placements of equity by U.S. public firms. SSRN Working paper. • Wu, Y.L., 2003. The choice of equity-selling mechanisms. Journal of Financial Economics 74, 93-119. • Zingales, L., 1995. Insider ownership and the decision to go public. The Review of Economic Studies 62, 425-448 | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/44520 | - |
dc.description.abstract | This paper examines the decision framework in choosing between equity selling mechanisms for a post-IPO institution – with a particular emphasis on the Seasoned Equity Offering (SEO) and the Private Investment in Public Equity (PIPE) mechanisms. The recent emergence of PIPEs have altered the corporate financial landscape and few studies have comprehensively covered the issuance decision between seasoned public offerings and the private PIPE medium, two of the most common placement methods for small and midsize offerings. Our primary finding is that small or midsize companies should turn towards PIPEs when information asymmetry is high, when market conditions are poor, when time flexibility is necessary, and when they need strategic investments from relationship investors. SEOs should be pursued when market conditions are favorable and if issuers need want to minimize under pricing and maximize fund-raising. Other key considerations such as types of issuers, types of investors, and types of structuring are also explored. Finally, the paper includes a decision tree for the issuance decision based on the theories espoused by existing literature. | en |
dc.description.provenance | Made available in DSpace on 2021-06-15T03:02:39Z (GMT). No. of bitstreams: 1 -98-R96749005-1.pdf: 569024 bytes, checksum: 23f0c06e6302bfb937b1987308819c28 (MD5) Previous issue date: 2009 | en |
dc.description.tableofcontents | TABLE OF CONTENTS
Tables ii Figures ii Chapter 1: Introduction 1 1. Motivation 2. Breakdown of the Issuance Decision Chapter 2: Public Offerings vs Private Placements 5 1. The Securities Act of 1933 2. The Ralston Test Chapter 3: Seasoned Equity Offering 8 1. Introduction 2. Types of SEOs 3. Comparison: Traditional vs Accelerated Chapter 4: Private Investment in Public Equities (PIPEs) 15 1. Introduction 2. Agent-less and Agented PIPEs 3. Types of Structures 4. Types of Pricing 5. Integrating Structure and Pricing 6. Investors Chapter 5: Theoretical Determinants of the ESM Decision Framework 24 1. Comparing PIPEs and SEOs 2. Theoretical Considerations 3. Decision Framework Chapter 6: Conclusions 34 References 35 | |
dc.language.iso | en | |
dc.title | 後續股發行研究 | zh_TW |
dc.title | Post-IPO Equity Selling Mechanisms | en |
dc.type | Thesis | |
dc.date.schoolyear | 97-2 | |
dc.description.degree | 碩士 | |
dc.contributor.advisor-orcid | ,曹承礎(chou@ntu.edu.tw) | |
dc.contributor.oralexamcommittee | 廖咸興(Hsien-Hsing Liao) | |
dc.subject.keyword | 後續股發行, | zh_TW |
dc.subject.keyword | Seasoned Equity Offering,Private Investment in Public Equity,Private Placement, | en |
dc.relation.page | 36 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2009-07-30 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 企業管理碩士專班 | zh_TW |
顯示於系所單位: | 管理學院企業管理專班(Global MBA) |
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