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| 題名 | Equity Issuances and the Value of Cash Holdings 權益發行與現金價值 |
| 作者 | 陳嬿如 Chen, Yenn-Ru 黃幼琳 Huang, Yu-Lin |
| 貢獻者 | 財管系 |
| 關鍵詞 | Private placements ; equity issuances ; value of cash 私募股權 ; 權益發行 ; 現金價值 |
| 日期 | 2019-09 |
| 上傳時間 | 27-四月-2020 16:00:52 (UTC+8) |
| 摘要 | This paper examines the effect of equity issuances on the marginal value of cash. We find the marginal value of cash is higher to firms saving cash from equity issuances than to firms with low or no equity issuances. Our results support the precautionary motive for cash generation. Additionally, the capital market values additional cash higher to firms more likely saving cash from private placements relative to public offerings. Such valuation difference is attributed to the monitoring effect from private placements, and the value difference between the two equity issuance mechanisms varies with the corporate governance environment that firms face. |
| 關聯 | Journal of Financial Studies, Vol.27, No.3, pp.1-39 |
| 資料類型 | article |
| DOI | https://doi.org/10.6545/JFS.201909_27(3).0001 |
| dc.contributor | 財管系 | |
| dc.creator (作者) | 陳嬿如 | |
| dc.creator (作者) | Chen, Yenn-Ru | |
| dc.creator (作者) | 黃幼琳 | |
| dc.creator (作者) | Huang, Yu-Lin | |
| dc.date (日期) | 2019-09 | |
| dc.date.accessioned | 27-四月-2020 16:00:52 (UTC+8) | - |
| dc.date.available | 27-四月-2020 16:00:52 (UTC+8) | - |
| dc.date.issued (上傳時間) | 27-四月-2020 16:00:52 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/129510 | - |
| dc.description.abstract (摘要) | This paper examines the effect of equity issuances on the marginal value of cash. We find the marginal value of cash is higher to firms saving cash from equity issuances than to firms with low or no equity issuances. Our results support the precautionary motive for cash generation. Additionally, the capital market values additional cash higher to firms more likely saving cash from private placements relative to public offerings. Such valuation difference is attributed to the monitoring effect from private placements, and the value difference between the two equity issuance mechanisms varies with the corporate governance environment that firms face. | |
| dc.format.extent | 787178 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Journal of Financial Studies, Vol.27, No.3, pp.1-39 | |
| dc.subject (關鍵詞) | Private placements ; equity issuances ; value of cash | |
| dc.subject (關鍵詞) | 私募股權 ; 權益發行 ; 現金價值 | |
| dc.title (題名) | Equity Issuances and the Value of Cash Holdings | |
| dc.title (題名) | 權益發行與現金價值 | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.6545/JFS.201909_27(3).0001 | |
| dc.doi.uri (DOI) | https://doi.org/10.6545/JFS.201909_27(3).0001 |