Do Private Placements Turn Around Firms? Evidence from Taiwan
分析了台湾发行私募公司的股票和经营业绩，发现向内部人发行能改善业绩，而向外部投资者发行则难以扭转困境。
We analyze the stock and operating performance of firms issuing private placements in Taiwan. Issuing firms have poor pre‐issue performance and earn significantly positive returns at announcement. Placements with an owner‐manager or with nonexecutive directors are associated with better post‐issue stock and operating performance, suggesting that an increase in insiders’ stakes leads to better alignment of managerial incentives and an increase in monitoring by insiders. In contrast, placements made to outside investors are unlikely to turn around the issuing firms.