Roles of non-institutional investors in private placements

I study the announcement returns and the post-placement performance by looking at the identities of investors in the private placements. I find that the participations of individual investors and the management are crucial and associated with significant positive announcement returns of 3.5% and 6.3% respectively, after controlling the firm characteristics and placement terms. Portfolios forming according to the participations of the individual investors and the management generate significant positive weekly alphas of 0.25% and 0.34% respectively, which is equivalent to 13.9% and 19.3% annually. The effects are consistent for the announcement returns and post-placement performance, under the explanation of monitoring hypothesis and certification hypothesis. The findings suggest that the non-ins6tu6onal investors are better informed and their participations provide better certification effects on the stock price. Management participation further improves the post-placement performance by reducing the agency cost. Participation of individual investors improves the post-placement performance by better monitoring, with mere participation of other institutional investors. I also find that the number of institutional investors participated in the placements has a negative effect on the announcement returns, suggesting the increase in the number associates with little certification and hinders the monitoring by creating a free-rider problem. All the results are robust to the choice of estimation models.published_or_final_versionEconomics and FinanceMasterMaster of Philosoph

家庭寬頻網路障礙探討

[[abstract]]隨著網路的發達，因此現在大多數家庭都有使用網路，而電信業者的網路也成為大多數家庭使用的網路，越來越多人使用網路速度相對也須變快，所以從原本撥接上網演變至ADSL後又有光纖網路，而網路也會有障礙的時候，這些障礙發生時該如何解決，因此我們到電信業者客服實習後想更了解網路架構技術以及障礙排除的觀念及技巧