Title page for etd-0709110-162742


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URN etd-0709110-162742
Author Jui-hsuan Tung
Author's Email Address No Public.
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Department Business Management
Year 2009
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title Discount on private placement and firm characteristic
Date of Defense 2009-06-05
Page Count 60
Keyword
  • discount (premium)
  • private placement
  • characteristics
  • cumulative abnormal return
  • Abstract Since its debut in 2002 in Taiwan, private placement has become more and more popular for the corporate to collect capital in the market. However, because of its divergent characteristics and loose regulations, it has also aroused a great number of controversies so far. This study concentrates on the companies collecting capital by private placement from 2002 to 2007 and examines if obvious discount or premium on placement price existed in these cases. In addition, the study also examines the correlation between the degree of placement discount (premium) and firm characteristics. Finally, it will also be discussed if placement discount (premium) causes positive or negative effect on cumulative abnormal return of the firms. The empirical results show that on average a premium exists in placement price in Taiwan. As for firms’ characteristics, financial crisis, free cash flow, and times of placement have a positive correlation with the discount (premium) degree. Two out of three intangible variables also show a positive correlation with the discount (premium). degree. Finally, the degree of discount (premium) is not significantly correlated with long-term cumulative abnormal return of private placed firms.
    Advisory Committee
  • Shen Wen-Hua - chair
  • Pei-how Huang - co-chair
  • Ruey-Dang Chang - advisor
  • Files
  • etd-0709110-162742.pdf
  • indicate in-campus access in a year and off_campus not accessible
    Date of Submission 2010-07-09

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