Private Placements and Managerial Entrenchment

@article{Barclay2003PrivatePA,
  title={Private Placements and Managerial Entrenchment},
  author={Michael J. Barclay and C. Holderness and D. Sheehan},
  journal={Corporate Finance: Governance},
  year={2003}
}
We re-examine old evidence and provide new evidence on private placements of large-percentage blocks of stock. Our goal is to judge whether the prevailing hypotheses of monitoring and certification explain most private placements. Examining new evidence on events following the private placement and using a much larger sample than previous studies, our findings suggests that private placements are often made to passive investors, thereby helping management solidify their control of the firm… Expand
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