Long‐Run Performance following Private Placements of Equity
研究发现公开公司私募股权发行后短期有正面公告效应，但长期股价表现不佳，表明投资者过度乐观，且私募发行前公司经营业绩较差。
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.