dc.contributor.author | Williams, Jan L. | |
dc.contributor.author | Tang, Alex P. | |
dc.date.accessioned | 2018-02-09T15:45:28Z | |
dc.date.available | 2018-02-09T15:45:28Z | |
dc.date.issued | 2015 | |
dc.description.abstract | This study simultaneously 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 our results to predictions of
competing hypotheses. We find that the long-term abnormal return for common stock is
significantly positive in the year immediately before the private placement but
significantly negative in the post periods. The abnormal return is significantly negative
for convertible debt in the year immediately 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.extent | 34 pages | en_US |
dc.genre | journal articles | en_US |
dc.identifier | doi:10.13016/M24B2X65C | |
dc.identifier.citation | Williams, 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.uri | http://hdl.handle.net/11603/7767 | |
dc.language.iso | en_US | en_US |
dc.publisher | Journal of Accounting & Finance | en_US |
dc.relation.isAvailableAt | University of Baltimore | |
dc.subject | Private placements | en_US |
dc.subject | Stock returns | en_US |
dc.subject | Abnormal accruals | en_US |
dc.title | Long-Run Stock Returns and Abnormal Accruals of Private Issuers: Are They Different from Public Issuers? | en_US |
dc.type | Text | en_US |