Private placement has become an increasingly important method of equity refinancing for regulators, listed companies, and investors. This paper analyzes factors influencing private placement discounts based on the con...Private placement has become an increasingly important method of equity refinancing for regulators, listed companies, and investors. This paper analyzes factors influencing private placement discounts based on the controlling shareholder＇s opportunistic behavior and information asymmetry. Our findings indicate that the type of subscriber is a key determinant of the private placement discount, particularly when the subscriber is the controlling shareholder. Asymmetric information between listed companies and investors is another important determinant： The higher the degree of information asymmetry, the greater the private placement discounts.展开更多
Trend with an increase to EUR l67 mn(compared with minus EUR122.8 mn in 2023).Liquid assets decreased by 38.2 percent compared to December 3l,2023,to a level of EUR 451.7 mn as of December 31,2024,mainly dueto the rep...Trend with an increase to EUR l67 mn(compared with minus EUR122.8 mn in 2023).Liquid assets decreased by 38.2 percent compared to December 3l,2023,to a level of EUR 451.7 mn as of December 31,2024,mainly dueto the repayment of private placements and other loans and borrowings.展开更多
基金Acknowledgments This paper is supported by the National Social Science Foundation of China （No. 10CJY007） and the Southwestern University of Finance and Economics （2010XG072）. We greatly appreciate the extensive assistance from Katherine Ye, Xiaoqin Qi, and Yichen Deng.
文摘Private placement has become an increasingly important method of equity refinancing for regulators, listed companies, and investors. This paper analyzes factors influencing private placement discounts based on the controlling shareholder＇s opportunistic behavior and information asymmetry. Our findings indicate that the type of subscriber is a key determinant of the private placement discount, particularly when the subscriber is the controlling shareholder. Asymmetric information between listed companies and investors is another important determinant： The higher the degree of information asymmetry, the greater the private placement discounts.
文摘Trend with an increase to EUR l67 mn(compared with minus EUR122.8 mn in 2023).Liquid assets decreased by 38.2 percent compared to December 3l,2023,to a level of EUR 451.7 mn as of December 31,2024,mainly dueto the repayment of private placements and other loans and borrowings.
