- 學位論文
Insider Trading and Long-run Performance in Canceled and Completed Private Placement of Equity
Insider Trading and Long-run Performance in Canceled and Completed Private Placement of Equity
摘要
本研究希望透過觀察內部人交易來檢測私募被取消的可能性。本篇研究認為當股價不再被低估時，則內部人取消該私募的可能性則越大。我們發現唯有成功發行私募的樣本公司的股價報酬表現符合原先預期，即在私募前到私募完成後其股價報酬都呈現顯著正向的結果。而內部人持股比率在私募成功後也相對成功前增加許多。而利用Logit模型所得結果中也發現，異常股價報酬及異常內部人買進的現象與私募成功的可能性呈現顯著正向的影響。
關鍵字
內部人交易並列摘要
By observing insider activity, this paper examines the possibility of cancelling private offerings. This paper suggests that insiders decide to cancel a private offering when the stock price is not undervalued. We find that only completed offerings are consistent with our prediction that private offerings have significantly positive abnormal returns before the first announcement, which remains positive until the end of the offerings. The shares held by insiders after the completion announcement are larger than the shares held before the completion announcement. The results of the logit regression show that the abnormal returns and abnormal insider buying are significantly and positively related to the probability of completion of the private offering.