The Wealth Effects of Private Stock Placements under Regulation D

Kasim L Alli and Thompson, Donald J,

The Financial Review, 1993, vol. 28, issue 3, 329-50

Abstract: This paper examines the wealth effects associated with unregistered private common stock placements under the Regulation D exemption by a sample of exchange listed and over the counter firms. Unlike the negative abnormal returns associated with public equity offerings, private placements of common stocks under Regulation D are initially associated with significantly positive abnormal returns. However, these firms experience significant negative price effects in the two years following the private placements. Copyright 1993 by MIT Press.

Date: 1993
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