| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23967 |
| 来源ID | Working Paper 23967 |
| The Economics of PIPEs | |
| Jongha Lim; Michael W. Schwert; Michael S. Weisbach | |
| 发表日期 | 2017-10-30 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper considers a sample of 3,001 private investments in public equities (PIPEs). Issuing firms tend to be small and poorly performing, so have limited access to traditional sources of finance. To attract capital, they offer shares in a PIPE at a substantial discount to the market price, along with warrants and a collection of other rights. Because of the discount at issuance, PIPE returns decline with the holding period, which itself is a function of registration status and liquidity of the shares issued in the PIPE. Assuming that the PIPE investor sells 10% of volume each day following the issuance, the average PIPE investor holds the stock for 384 days and earns an abnormal return of 21.2%. More risky firms tend to raise capital from relatively risk tolerant investors such as hedge funds and private equity funds. PIPEs issued to more constrained firms have higher holding period adjusted returns but these returns are more volatile. The abnormal holding period adjusted returns earned by PIPE investors appear to be compensation for providing capital to otherwise constrained firms. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w23967 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581641 |
| 推荐引用方式 GB/T 7714 | Jongha Lim,Michael W. Schwert,Michael S. Weisbach. The Economics of PIPEs. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23967.pdf（704KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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