Private placement is the sale of securities to a limited number of qualified institutions or high-wealth investors. Although private placement is favorable for firms raising capital, it is relatively easy for managers to exploit it to benefit specific investors. Using a sample of Taiwanese...

Private placement is the sale of securities to a limited number of qualified institutions or high-wealth investors. Although private placement is favorable for firms raising capital, it is relatively easy for managers to exploit it to benefit specific investors. Using a sample of Taiwanese...

It is frequently observed that the price at which a firm's stock is listed for its initial public offering (IPO) is considerably less than the price at which it trades at the end of its first day of trading, a phenomenon known as underpricing. This article examines how media-provided information...