An Analysis of Private Placements in Japan
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概要
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This paper investigates the impact of private placement in the Japanese stock market during the bubble (1985-1992) and post-bubble (1993-2000) periods. It finds that a positive stock price reaction to the private placements during both bubble and post-bubble periods, which is much similar to previous studies in Japan as well as in USA. In the cross sectional analysis, no hypothesis can be explained during the bubble period. During the post-bubble period, most of the firms that issue equity privately are non-profitable and 10 largest share holders are matters for the stock price response of the private placements. Therefore, we conclude that during the post bubble period private placements are carried out with the incentive of rescue or restructuring the firm. Haseko Corporation is one of the typical examples to infer that private placements are taken place for the purpose of rescue or restructuring the firm. Also, the investors are indifferent to the profitability of private placements firms.
- 横浜国立大学の論文
- 2006-07-20