摘要： 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. 其他題名： Financial Management 出版者： Tampa: Blackwell Publishing Ltd 出版日期： 2013-12-01 出處： Financial management, 2013-12, Vol.42 (4), p.875-899 資源來源： EBSCOhost Business Source Premier 版權： 2013 Financial Management Association International 版權： COPYRIGHT 2013 Financial Management Association 版權： Copyright Blackwell Publishing Ltd. Winter 2013 識別號： ISSN: 0046-3892 識別號： EISSN: 1755-053X 識別號： DOI: 10.1111/fima.12027
