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dc.contributor.advisorS.P. Kothari.en_US
dc.contributor.authorKoshal, Amiten_US
dc.contributor.otherSloan School of Management.en_US
dc.date.accessioned2008-09-03T15:21:57Z
dc.date.available2008-09-03T15:21:57Z
dc.date.copyright2007en_US
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/1721.1/42332
dc.descriptionThesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2007.en_US
dc.descriptionIncludes bibliographical references (leaves 44-49).en_US
dc.description.abstractPIPEs (Private Investments in Public Equity) are unique in that they are negotiated privately between sophisticated investors and the public firm. As a result, the issue price deviates from the firm's stock price, often resulting in a substantial PIPE discount. However, only a limited set of firms issues equity at such a discount. PIPE issuers tend to be low quality, less transparent firms that cannot raise capital through traditional sources. As indicators of this quality, I examine the firm's accruals and audit quality in the year of its PIPE issuance. I find that the PIPE discount is more strongly associated with audit quality, and that firms with low quality auditors are issued at a 5% discount relative to comparable firms with high quality auditors. Much of this discount is due to self-selection, suggesting that higher quality PIPE issuers select high quality auditors.en_US
dc.description.statementofresponsibilityby Amit Koshal.en_US
dc.format.extent59 leavesen_US
dc.language.isoengen_US
dc.publisherMassachusetts Institute of Technologyen_US
dc.rightsM.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission.en_US
dc.rights.urihttp://dspace.mit.edu/handle/1721.1/7582en_US
dc.subjectSloan School of Management.en_US
dc.titleInformation and self-selection in the PIPE marketen_US
dc.typeThesisen_US
dc.description.degreePh.D.en_US
dc.contributor.departmentSloan School of Management
dc.identifier.oclc232679033en_US


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