Access the full text.
Sign up today, get DeepDyve free for 14 days.
(2005)
Long-run stock return and operating performance following private debt placements, working paper (National Taiwan University, Taipei, Taiwan)
Gil Bae, Jinho Jeong, Huey-Lian Sun, Alex Tang (2002)
Stock Returns and Operating Performance of Securities IssuersJournal of Financial Research, 25
E. Fama, K. French (1993)
Common risk factors in the returns on stocks and bondsJournal of Financial Economics, 33
Hillion Hillion, Vermaelen Vermaelen (2004)
Death spiral convertiblesJournal of Financial Economics, 71
Ilia Dichev, Joseph Piotroski (1998)
The Performance of Long-Run Stock Returns Following Issues of Public and Private DebtSPGMI: Compustat Fundamentals (Topic)
(1999)
Performance of companies around initial public offerings, working paper
Srinivasan Krishnamurthy, P. Spindt, Venkat Subramaniam, Tracie Woidtke (2005)
Does Investor Identity Matter in Equity Issues? Evidence from Private PlacementsCorporate Finance: Capital Structure & Payout Policies
Dalia Marciukaityte, Raj Varma (2007)
Institutional investors as suppliers of equity-linked capital: Evidence from privately placed convertible debtJournal of Business Research, 60
S. Teoh, I. Welch, T. Wong (1998)
Earnings Management and the Long-Run Market Performance of Initial Public OfferingsJournal of Finance, 53
B. Barber, J. Lyon (1996)
Detecting abnormal operating performance: The empirical power and specification of test statisticsJournal of Financial Economics, 41
L. Fields, Eric Mais (1991)
The Valuation Effects of Private Placements of Convertible DebtJournal of Finance, 46
Katherine Spiess, J. Affleck-Graves (1996)
The Long-Run Performance of Stock Returns Following Debt OfferingsCorporate Finance and Organizations eJournal
Grullon Grullon, Michaely Michaely, Benartzi Benartzi, Thaler Thaler (2005)
Dividend changes do not signal changes in future profitabilityJournal of Business, 78
Huey-Lian Sun (1994)
The relationship between the valuation effect of equity financing and firm-specific characteristicsJournal of Economics and Finance, 18
(2007)
Eventus Software for Event Studies and Financial Market Research, 8.0 (Cowan Research LC
Srinivasan Rangan (1998)
Earnings management and the performance of seasoned equity offeringsJournal of Financial Economics, 50
Spiess Spiess, Affleck‐Graves Affleck‐Graves (1999)
The long‐run performance of stock returns following debt offeringsJournal of Financial Economics, 54
Dann Dann, Mikkelson Mikkelson (1984)
Convertible debt issuance, capital structure change and financing‐related informationJournal of Financial Economics, 13
W. Mikkelson, M. Partch (1994)
The consequences of unbundling managers' voting rights and equity claimsJournal of Corporate Finance, 1
Stephen Brown, Jerold Warner (1980)
MEASURING SECURITY PRICE PERFORMANCEJournal of Financial Economics, 8
M. Hertzel, M. Lemmon, James Linck, Lynn Rees (2001)
Long-Run Performance Following Private Placements of EquityJournal of Accounting Abstracts
Ikenberry Ikenberry, Lakonishok Lakonishok, Vermaelen Vermaelen (1995)
Market underreaction to open market share repurchasesJournal of Financial Economics, 39
(2007)
2007b, Eventus Software for Event Studies and Financial Market Research, Version 8.0 Users Guide (Cowan Research LC, Ames, IA)
Robyn Mclaughlin, Assem Safieddine, Gopala Vasudevan (1998)
The Long-Run Performance Of Convertible Debt IssuersJournal of Financial Research, 21
S. Teoh, T. Wong, G. Rao (1998)
Are Accruals during Initial Public Offerings Opportunistic?Review of Accounting Studies, 3
Pierre Hillion, Theo Vermaelen (2001)
Death Spiral ConvertiblesJournal of Financial Abstracts eJournal
(1996)
Detecting abnormal operatingperformance : the empirical power and specificationof tests statistics
(1998)
How sophisticated are 'sophisticated investors'? working paper
(1999)
Performance of companies around initial public offerings, working paper (University of Oregon, Eugene, OR)
L. DuCharme, Paul Malatesta, Stephan Sefcik (2001)
Earnings Management: IPO Valuation and Subsequent PerformanceJournal of Accounting, Auditing & Finance, 16
Anthony Byrd, Steven Mann, William Moore, Pradipkumar Ramanlal (1998)
RATIONAL TIMING OF CALLS OF CONVERTIBLE PREFERRED STOCKSJournal of Financial Research
P. Asquith (1995)
Convertible Bonds Are Not Called LateJournal of Finance, 50
Dawn Matsumoto (2002)
Management's Incentives to Avoid Negative Earnings SurprisesAccounting review: A quarterly journal of the American Accounting Association, 77
Michael Barclay, C. Holderness, D. Sheehan (2007)
Private Placements and Managerial EntrenchmentCorporate Finance: Governance
Karen Wruck (1989)
Equity ownership concentration and firm value: Evidence from private equity financingsJournal of Financial Economics, 23
C. Kahn, Andrew Winton (1998)
Ownership Structure, Speculation, and Shareholder InterventionJournal of Finance, 53
Tim Loughran, J. Ritter (1995)
The New Issues PuzzleJournal of Finance, 50
Lewis Lewis, Rogalski Rogalski, Seward Seward (2003)
Industry conditions, growth opportunities and market reactions to convertible debt financing decisionsJournal of Banking and Finance, 27
D. Ikenberry, Josef Lakonishok, Theo Vermaelen (1994)
Market Underreaction to Open Market Share RepurchasesCapital Markets: Market Efficiency
Patricia Dechow, Richard Sloan, A. Sweeney (1994)
DETECTING EARNINGS MANAGEMENTAccounting review: A quarterly journal of the American Accounting Association, 70
(2007)
EventusÒ Software for Event Studies and Financial Market Research
Hertzel Hertzel, Lemmon Lemmon, Linck Linck, Rees Rees (2002)
Long‐run performance following private placements of equityJournal of Finance, 62
(1996)
1996,Detecting abnormal operatingperformance: the empirical power and specificationof tests statistics
Thomas Chemmanur, P. Fulghieri (1999)
A Theory of the Going-Public DecisionReview of Financial Studies, 12
W. Mikkelson, M. Partch (1986)
Valuation effects of security offerings and the issuance processJournal of Financial Economics, 15
M. Hertzel, Richard Smith (1993)
Market Discounts and Shareholder Gains for Placing Equity PrivatelyJournal of Finance, 48
(1998)
How sophisticated are ‘sophisticated investors’? working paper (Pennsylvania State University
Larry Dann, W. Mikkelson (1984)
Convertible debt issuance, capital structure change and financing-related information: Some new evidenceJournal of Financial Economics, 13
(2007)
EventusÒ Software for Event Studies and Financial Market Research, Version 8.0 Users Guide
Mark Defond, J. Jiambalvo (1994)
Debt covenant violation and manipulation of accrualsJournal of Accounting and Economics, 17
Hong Siew, Teoh, I. Welch, T. Wong, Randolph Beatty, V. Bernard, K. Chan, Kent Daniel, Mark Defond, L. Field, David Heike, Yang Chuan, Jonathan Hwang, S. Karpoff, Charles Kothari, Wayne Lee, Tim Mikkelson, Krishna Opler, K. Palepu, Jay Ramesh, Terry Ritter, D. Shevlin, Sheridan Skinner, Ross Titman, J. Watts, Zimmerman (1998)
Earnings management and the underperformance of seasoned equity offeringsJournal of Financial Economics, 50
S. Kothari, A. Leone, Charles Wasley (2002)
Performance Matched Discretionary Accrual MeasuresMIT Sloan School of Management Working Paper Series
(1984)
Corporate financing and investment decisions when firms have information that investors do not have
C. Lewis, Richard Rogalski, James Seward (1996)
Industry Conditions, Growth Opportunities, and Market Reactions to Convertible Debt Financing DecisionsVanderbilt University - Owen Graduate School of Management Research Paper Series
Kothari Kothari, Leone Leone, Wasley Wasley (2005)
Performance matched discretionary accrual measuresJournal of Accounting and Economics, 39
J. Patell (1976)
CORPORATE FORECASTS OF EARNINGS PER SHARE AND STOCK-PRICE BEHAVIOR - EMPIRICAL TESTSJournal of Accounting Research, 14
Andrei Shleifer, Robert Vishny (1986)
Large Shareholders and Corporate ControlJournal of Political Economy, 94
(2005)
Long-run stock return and operating performance following private debt placements, working paper
Krishnamurthy Krishnamurthy, Spindt Spindt, Subramaniam Subramaniam, Woidtke Woidtke (2005)
Does investor identity matter in equity issues? Evidence from private placementsJournal of Financial Intermediation, 14
Gustavo Grullon, Roni Michaely, S. Benartzi, R. Thaler (2003)
Dividend Changes Do Not Signal Changes in Future ProfitabilityCorporate Finance: Capital Structure & Payout Policies eJournal
Barclay (2007)
Private placements and managerial entrenchmentJournal of Corporate Finance, 13
This study examines long‐run stock returns, operating performance and abnormal accruals of private placements of convertible securities. We investigate the effects surrounding private placements to test and differentiate the implications of several competing hypotheses. While the monitoring and certification hypotheses suggest positive effects, the managerial entrenchment, overvaluation and windows‐of‐opportunity hypotheses suggest the opposite. We find that placing firms generally experience positive effects in the pre‐periods and negative effects in the post‐periods. Our overall findings are more consistent with the predictions of the overvaluation and windows‐of‐opportunity hypotheses while our post‐placement evidence is also consistent with the predictions of the managerial entrenchment hypothesis.
Accounting & Finance – Wiley
Published: Dec 1, 2009
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.