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dc.contributor.authorTang, Alex P.
dc.contributor.authorWilliams, Jan L.
dc.date.accessioned2018-01-29T16:25:53Z
dc.date.available2018-01-29T16:25:53Z
dc.date.issued2014
dc.description.abstractThis study examines long-run stock returns and abnormal accruals of private placements of common stock, convertible debt and straight debt. We investigate patterns surrounding private placements and compare results to predictions of competing hypotheses. The long-term abnormal return for common stock is significantly positive in the year before the private placement but significantly negative in post periods. The abnormal return is significantly negative for convertible debt in the year following the private placement. Our results are more consistent with the last-resort financing hypothesis rather than the overvaluation hypothesis, which is often used to explain the performance of public issuers.en_US
dc.format.extent16 pagesen_US
dc.genrejournal articlesen_US
dc.identifierdoi:10.13016/M22V2CC04
dc.identifier.citationWilliams, J. L., Sun, H. (2015). An Examination of Industry Leadership Reputation and Meeting or Beating of Analysts' Expectations. Journal of Accounting and Finance, 15(2), 37-50.en_US
dc.identifier.urihttp://hdl.handle.net/11603/7725
dc.language.isoen_USen_US
dc.relation.isAvailableAtUniversity of Baltimore
dc.titleLong-Run Stock Returns and Abnormal Accruals of Private Issuers: Are They Different from Public Issuers?en_US
dc.typeTexten_US


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