Lee, Cheng-Few; YiLin, Wu - In: Journal of Business Research 62 (2009) 1, pp. 123-133
Extant research offers mixed empirical results on if private placement firms are undervalued. [Hertzel, Michael G., and Smith, L. (1993), "Market Discounts and Shareholder Gains for Placing Equity Privately," J Finance 48, 459-485] suggest that private placements convey favorable information. On...