期刊
JOURNAL OF FINANCIAL ECONOMICS
卷 108, 期 1, 页码 213-230出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2012.10.001
关键词
Private placements; Equity issuance; Shareholder coordination; Debt renegotiation; Firm distress
We propose a new role for private investments in public equity (PIPEs) as a mechanism to reduce coordination frictions among existing equity holders. We establish a causal link between the coordination ability of incumbent shareholders and PIPE issuance. This result obtains even after controlling for alternative explanations such as information asymmetry and access to public markets. Improved equity coordination following a private placement leads to favorable debt renegotiations within one year of issuance. Mitigating coordination frictions among shareholders ultimately decreases the odds of firm default in half. (C) 2012 Elsevier B.V. All rights reserved.
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