Effects of regulator's announcements, information asymmetry and ownership changes on private equity placements: Evidence from China

被引：19
|
作者：
Fonseka, M. M. [1 ,3 ]
Colombage, Sisira R. N. [2 ]
Tian, Gao-Liang [3 ]
机构：
[1] Xian Int Studies Univ, Sch Business, Dept Accounting & Finance, Xian 710128, Shaanxi, Peoples R China
[2] Monash Univ, Sch Business & Econ, Dept Accounting & Finance, Churchill, Vic 3842, Australia
[3] Xi An Jiao Tong Univ, Sch Management, Dept Accounting & Finance, Xian 710049, Shaanxi, Peoples R China
来源：
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2014年 / 29卷
基金：
中国博士后科学基金; 中国国家自然科学基金;
关键词：
Private equity placements; China; Information effect; Investor identity; Ownership structure change; INVESTOR IDENTITY MATTER; CORPORATE GOVERNANCE; POLITICAL CONNECTIONS; PERFORMANCE; MARKET; FIRMS; ISSUES; RIGHTS; IMPACT;
D O I：
10.1016/j.intfin.2013.11.008
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In response to the China Securities Regulatory Commission's regulation of private equity placements (PEP) in 2006, this study investigates the impact of the announcements of PEP applications, withdrawals, rejections, approvals, and completions on the returns of the firms that issue private equity (PE) and the factors that influence market reactions to these announcements. The results show that issuing firms experience stock price responses only to the announcements of PE applications, approvals, and completions. The announcement effect is positively related to the market discount, proceeds from private placements, and private institutional buying and ownership changes; and negatively related to government or government institutional buying and changes in the ownership of management buyers. (C) 2013 Elsevier B. V. All rights reserved.
引用
收藏
页码：126 / 149
页数：24
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