Institutional Ownership and Private Equity Placements: Evidence from Chinese Listed Firms

被引：3
|
作者：
He, Qing [1 ,2 ]
Li, Dongxu [3 ]
Lu, Liping [4 ,5 ]
Chong, Terence Tai Leung [6 ,7 ]
机构：
[1] Renmin Univ China, China Financial Policy Res Ctr, Beijing, Peoples R China
[2] Renmin Univ China, Sch Finance, Beijing, Peoples R China
[3] Ohio State Univ, Dept Finance, Columbus, OH 43210 USA
[4] Vrije Univ Amsterdam, Dept Finance, Amsterdam, Netherlands
[5] Xiangtan Univ, Sch Business, Xiangtan, Hunan, Peoples R China
[6] Chinese Univ Hong Kong, Dept Econ, Hong Kong, Peoples R China
[7] Chinese Univ Hong Kong, Lau Chor Tak Inst Global Econ & Finance, Hong Kong, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCE | 2019年 / 19卷 / 02期
基金：
中国国家自然科学基金;
关键词：
INFORMATION; PERFORMANCE; UNDERREACTION; INVESTORS; ISSUES;
D O I：
10.1111/irfi.12182
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the impact of institutional ownership on the performance of private equity placements (PEPs) for listed firms in China. We find that the presence of institutional investors can alleviate the information asymmetries between listed firms and the market. The market reaction to PEP announcements is significantly smaller if there is a higher portion of institutional shareholdings. Long-term firm operational performance after PEPs is positively correlated with institutional shareholdings. Moreover, we find that the relationship between institutional shareholdings and PEP performance is mainly driven by nonlisted corporate investors and mutual funds. Finally, the relationship between PEP performance and institutional shareholdings is stronger in smaller PEP issuers.
引用
收藏
页码：315 / 346
页数：32
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