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Private Placement of Public Equity in China

Pengcheng Song

Editore:: Springer Berlin Heidelberg
Collana:: Springerbriefs In Finance
EAN:: 9783642550928
ISBN:: 3642550924
Pagine:: 96
Formato:: Paperback
Lingua:: Tedesco

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Descrizione Private Placement of Public Equity in China

By retrieving entries from the financial-data vendor Wind and collecting relevant data from private placement statements, the author builds a proprietary database and studies five aspects of private placement in China. He examines which listed firms are more likely to choose private placement over SEO in refinancing; he looks into the controlling shareholder¿s decision on whether or not to purchase privately placed shares; he investigates how the offer discount is determined; he calculates announcement periods for abnormal returns on private placements. Where the abnormal return is significantly positive, he documents positive long-run abnormal return on private offerings and evidence supporting the under-reaction hypothesis. Finally, he concludes that the largest shareholders tunnel by means of excess discounts from which they benefit but which is harmful to other shareholders.

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Private Placement of Public Equity in China

Pengcheng Song

Springer Berlin Heidelberg

9783642550928

3642550924

Descrizione Private Placement of Public Equity in China

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