The Impact of Stock Transfer Restrictions on the Private Placement Discount

Material TypeArticleLanguageEnglish
TitleThe Impact of Stock Transfer Restrictions on the Private Placement Discount Author(S)John D. Finnerty (Author)
Abstract  The literature contains four explanations for the private placement discount. I find that all four contribute to the discount: loss of option value due to transfer restrictions, equity ownership concentration, information gathering, and overvaluation and expected underperformance post-issue. ...Paginationp 611-646
SubjectManagementDescriptorsFinance
Journal TitleFinancial management  
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