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dc.contributor.authorWilliams, Jan L.
dc.contributor.authorTang, Alex P.
dc.date.accessioned2018-02-09T15:45:28Z
dc.date.available2018-02-09T15:45:28Z
dc.date.issued2015
dc.description.abstractThis 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.extent34 pagesen_US
dc.genrejournal articlesen_US
dc.identifierdoi:10.13016/M24B2X65C
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/11603/7767
dc.language.isoen_USen_US
dc.publisherJournal of Accounting & Financeen_US
dc.relation.isAvailableAtUniversity of Baltimore
dc.subjectPrivate placementsen_US
dc.subjectStock returnsen_US
dc.subjectAbnormal accrualsen_US
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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