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- W2286603389 abstract "Extant research offers mixed empirical results on the information content of private placements. Hertzel and Smith (J Finance 48:459–485, 1993) suggest that, on average, private placement firms are undervalued. On the other hand, Hertzel et al. (J Finance 57:2595–2617, 2002) show that private placement firms experience significant negative long-run postannouncement stock price performance and that high levels of capital expenditures around private placement reflect managerial overoptimism. Empirical work examining the information content of private placements typically takes the approach based on proxies for information asymmetry that suffers the intrinsic errors-in-variables problem. This paper circumvents the empirical difficulty by developing the two-stage estimation approach and the conditional correlation approach. The conditional correlation coefficient varies between − 1 and + 1 that allows comparisons across samples feasible. Thus, it prevails over the two-stage estimation approach to identify the significance of the information content of equity-selling mechanisms." @default.
- W2286603389 created "2016-06-24" @default.
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- W2286603389 date "2010-01-01" @default.
- W2286603389 modified "2023-09-26" @default.
- W2286603389 title "Alternative Econometric Methods for Information-based Equity-selling Mechanisms" @default.
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- W2286603389 doi "https://doi.org/10.1007/978-0-387-77117-5_74" @default.
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