[
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23 (4), pp. 589-609.10.1111/j.1540-6261.1968.tb00843.x
]Search in Google Scholar
[
Aman, H. (2003). Private placements of equity and the stock market reaction. Review of monetary and financial studies, 19, pp. 56-71. (In Japanese)
]Search in Google Scholar
[
Atanasov, V. (2005). How much value can blockholders tunnel? Evidence from the Bulgarian mass privatization auctions. Journal of Financial Economics, 76 (1), pp. 191-234.10.1016/j.jfineco.2004.05.005
]Search in Google Scholar
[
Bae, K.-H., J.-K. Kang, and J.-M. Kim. (2002). Tunneling or value added? Evidence from mergers by korean business groups. The Journal of Finance, 57 (6), pp. 2695-2740.10.1111/1540-6261.00510
]Search in Google Scholar
[
Baek, J.-S., J.-K. Kang, and I. Lee. (2006). Business groups and tunneling: evidence from private securities offerings by korean chaebols. The Journal of Finance, 61 (5), pp. 2415-2449.10.1111/j.1540-6261.2006.01062.x
]Search in Google Scholar
[
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. (2007). Private placements and managerial entrenchment. Journal of Corporate Finance, 13 (4), pp. 461-484.10.1016/j.jcorpfin.2007.04.009
]Search in Google Scholar
[
Berle, A., and G. Means. (1932). The modern corporation and private property. New York: Commerce Clearing House.
]Search in Google Scholar
[
Bertrand, M., P. Mehta, and S. Mullainathan. (2002). Ferreting out tunneling: an application to indian business groups. The Quarterly Journal of Economics, 117 (1), pp. 121-148.10.1162/003355302753399463
]Search in Google Scholar
[
Chen, A.-S., L.-Y. Cheng, K.-F. Cheng, and S.-W. Chih. (2010). Earnings management, market discounts and the performance of private equity placements. Journal of Banking & Finance, 34 (8), pp. 1922-1932.10.1016/j.jbankfin.2009.12.013
]Search in Google Scholar
[
Cronqvist, H., and M. Nilsson. (2005). The choice between rights offerings and private equity placements. Journal of Financial Economics, 78 (2), pp. 375-407.10.1016/j.jfineco.2004.12.002
]Search in Google Scholar
[
Dyck, A., and L. Zingales. (2004). Private Benefits of Control: An International Comparison. The Journal of Finance, 59 (2), pp. 537-600.10.1111/j.1540-6261.2004.00642.x
]Search in Google Scholar
[
Folta, T. B., and J. J. Janney. (2004). Strategic benefits to firms issuing private equity placements. Strategic Management Journal, 25 (3), pp. 223-242.10.1002/smj.373
]Search in Google Scholar
[
Fukuda, A. (2010). An empirical analysis on private placements of common equity in Japan. Kyoto sangyo university essays, social science series, 27, pp. 127-143. (In Japanese)
]Search in Google Scholar
[
Hertzel, M., and R. L. Smith. (1993). Market discounts and shareholder gains for placing equity privately. The Journal of Finance, 48 (2), pp. 459-485.10.1111/j.1540-6261.1993.tb04723.x
]Search in Google Scholar
[
Hoda, T. (2011). Empirical analysis on private placements of equity in japan. Japan Journal of Finance, 31(2), pp. 20-39. (In Japanese)
]Search in Google Scholar
[
Jensen, M. C., and W. H. Meckling. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), pp. 305-360.10.1016/0304-405X(76)90026-X
]Search in Google Scholar
[
Johnson, S., R. La Porta, L.-d.-S. Florencio, and A. Shleifer. (2000). Tunneling. The American Economic Review 90 (2), pp. 22-27.10.1257/aer.90.2.22
]Search in Google Scholar
[
Kato, K., and J. S. Schallheim. (1993). Private equity financings in Japan and corporate grouping (keiretsu). Pacific-Basin Finance Journal, 1 (3), pp. 287-307.10.1016/0927-538X(93)90028-G
]Search in Google Scholar
[
Krishnamurthy, S., P. Spindt, V. Subramaniam, and T. Woidtke. (2005). Does investor identity matter in equity issues? Evidence from private placements. Journal of Financial Intermediation, 14 (2), pp. 210-238.10.1016/j.jfi.2004.01.001
]Search in Google Scholar
[
Krishnaswami, S., P. A. Spindt, and V. Subramaniam. (1999). Information asymmetry, monitoring, and the placement structure of corporate debt. Journal of Financial Economics, 51 (3), pp. 407-434.10.1016/S0304-405X(98)00059-2
]Search in Google Scholar
[
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. (1998). Law and finance. Journal of Political Economy, 106 (6), pp. 1113-1155.10.1086/250042
]Search in Google Scholar
[
La Porta, R., F. Lopez-De-Silanes, and A. Shleifer. (1999). Corporate ownership around the world. The Journal of Finance, 54 (2), pp. 471-517.10.1111/0022-1082.00115
]Search in Google Scholar
[
Liang, H.-C., and W.-Y. Jang. (2013). Information asymmetry and monitoring in equity private placements. The Quarterly Review of Economics and Finance, 53 (4), pp. 460-475.10.1016/j.qref.2013.05.009
]Search in Google Scholar
[
Miyajima, H. (2011). Nihon no kigyo tochi (Corporate governance in Japan). Tokyo: Toyo Keizai Shinposha. (In Japanese)
]Search in Google Scholar
[
Morck, R., D. Wolfenzon, and B. Yeung. (2005). Corporate governance, economic entrenchment, and growth. Journal of economic literature, 43 (3), pp. 655-720.10.1257/002205105774431252
]Search in Google Scholar
[
Nenova, T. (2003). The value of corporate voting rights and control: A cross-country analysis. Journal of Financial Economics, 68 (3), pp. 325-351.10.1016/S0304-405X(03)00069-2
]Search in Google Scholar
[
Shishido, Z., K, Nitta., and H, Miyajima. (2010). A Study on the issue of parentsubsidiary listings. Commercial law review, (1900), pp. 35-46. (In Japanese)
]Search in Google Scholar
[
Shleifer, A., and R. W. Vishny. (1986). Large shareholders and corporate control. Journal of Political Economy, 94 (3), pp. 461-488.10.1086/261385
]Search in Google Scholar
[
Shleifer, A., and R. W. Vishny. (1997). A survey of corporate governance. The Journal of Finance, 52 (2), pp. 737-783.10.1111/j.1540-6261.1997.tb04820.x
]Search in Google Scholar
[
Suzuki, K. (2017). Equity finance in Japan. Tokyo: Chuokeizai-Sha. (In Japanese)
]Search in Google Scholar
[
Tan, R. S. K., P. L. Chng, and Y. H. Tong. (2002). Private placements and rights issues in Singapore. Pacific-Basin Finance Journal, 10 (1), pp. 29-54.10.1016/S0927-538X(01)00028-2
]Search in Google Scholar
[
White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), pp. 817-838.10.2307/1912934
]Search in Google Scholar
[
Wruck, K. H. (1989). Equity ownership concentration and firm value: Evidence from private equity financings. Journal of Financial Economics, 23 (1), pp. 3-28.10.1016/0304-405X(89)90003-2
]Search in Google Scholar
[
Wruck, K. H., and Y. Wu. (2009). Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance, 15 (1), pp. 30-47.10.1016/j.jcorpfin.2008.08.010
]Search in Google Scholar
[
Wu, X., and Z. Wang. (2005). Equity financing in a Myers Majluf framework with private benefits of control. Journal of Corporate Finance, 11 (5), pp. 915-945.10.1016/j.jcorpfin.2004.04.001
]Search in Google Scholar
[
Young, M. N., M. W. Peng, D. Ahlstrom, G. D. Bruton, and Y. Jiang. (2008). Corporate governance in emerging economies: A review of the principal principal perspective. Journal of management studies, 45 (1), pp. 196-220.10.1111/j.1467-6486.2007.00752.x
]Search in Google Scholar
[
Zingales, L. (1994). The value of the voting right: a study of the milan stock exchange experience. The Review of Financial Studies 7, (1), pp. 125-148.10.1093/rfs/7.1.125
]Search in Google Scholar
