Long-Run Performance Following Private Placements of Equity
Long-Run Performance Following Private Placements of Equity
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DOI：
10.2139/ssrn.168189
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发表时间：
2001-12
期刊：
影响因子：
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通讯作者：
M. Hertzel;M. Lemmon;James S. Linck;Lynn Rees
中科院分区：
文献类型：
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作者：
M. Hertzel;M. Lemmon;James S. Linck;Lynn Rees
公开发行股票的公司经历了积极的公告效应，与负面的公告后股价表现。这一发现与反应不足假说不一致。相反，它表明投资者对公司发行股票的前景过于乐观，而不管发行方式如何。此外，与公开发行相反，私募发行是在经营业绩相对较差的时期之后。因此，投资者在私募发行时的过度乐观并不是因为投资者以牺牲长期平均值为代价，过度投资近期经验的行为倾向。
Public firms that place equity privately experience positive announcements effects, with negative post-announcement stock-price performance. This finding is inconsistent with the underreaction hypothesis. Instead, it suggests that investors are overoptimistic about the prospects of firms issuing equity, regardless of the method of issuance. Further, in contrast to public offerings, private issues follow periods of relatively poor operating performance. Thus, investor overoptimism at the time of private issues is not due to the behavioral tendency to overweight recent experience at the expense of long-term averages.