Why do firms underwrite private placement shares of other firms? Case of Japanese firms

研究成果: Contribution to journalArticle査読

2 被引用数 (Scopus)

抄録

This paper focuses on listed firms as underwriters of private placement shares in Japan and investigates why they underwrite equity of other firms through private placements. In private placements, underwriting firms cannot necessarily enhance their shareholders’ wealth, unlike the case of issuing firms, because they must incur costs associated with financial support through underwriting. However, they can enhance wealth when they acquire the control rights of issuing firms with a plan of business alliances after private placements. This result indicates that underwriting firms underwrite other firms’ private placements to obtain a synergistic effect after acquisition of the control right.

本文言語英語
ページ(範囲)75-92
ページ数18
ジャーナルPacific Basin Finance Journal
41
DOI
出版ステータス出版済み - 2 1 2017

All Science Journal Classification (ASJC) codes

  • 財務
  • 経済学、計量経済学

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