کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
973730 | 932862 | 2012 | 18 صفحه PDF | دانلود رایگان |
During 2005–2006, the Chinese government implemented the split share structure reform, aimed at eliminating non-tradable shares (NTS), i.e. the shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis, based on the time series of risk factors and on the cross-section of abnormal returns, confirms that the split share structure reform was particularly beneficial for small stocks, stocks characterized by historically poor returns, stocks issued by companies with low transparency and weak governance, and for less liquid stocks. Historically neglected stocks also witnessed an increase in the volume of trading and market prices. We conclude that the reform laid down the conditions for important future changes in ownership, liquidity and corporate governance in China.
► Analysis of the announcement effects of the 2005 split share structure reform in China.
► The reform laid down the conditions for important future changes in ownership, liquidity and corporate governance in China.
Journal: Pacific-Basin Finance Journal - Volume 20, Issue 4, September 2012, Pages 543–560