The impact of corporate governance on private placements in Australia
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Suichen Xu Thesis
(PDF 1MB)
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Description
In private placement transactions, issuing firms sell a block of securities to just a small group of investors at a discounted price. Non-participating shareholders suffer from ownership dilution and lose the opportunity to receive the discount. This thesis provides the first evidence on whether and how corporate governance can protect non-participating shareholders' interests. Results from an examination of 329 private placements issued by the top 250 Australian firms between 2002 and 2009 demonstrate that firms with higher governance quality are more likely to issue a share purchase plan (SPP) along with the private placement, thus providing greater protection to non-participating shareholders' interests.
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| ID Code: | 69840 |
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| Item Type: | QUT Thesis (Masters by Research) |
| Supervisor: | How, Janice & Verhoeven, Peter |
| Keywords: | private placement, discount, corporate governance, board composition, information asymmetry, share purchase plan |
| Divisions: | Past > QUT Faculties & Divisions > QUT Business School Current > Schools > School of Economics & Finance |
| Institution: | Queensland University of Technology |
| Deposited On: | 16 May 2014 05:28 |
| Last Modified: | 04 Sep 2017 14:40 |
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