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Private Placement of Public Equity in China

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Feldname	Details
Vorliegende Sprache	eng
Hinweise auf parallele Ausgaben	409567116 Druckausg.: ‡Song, Pengcheng: Private placement of public equity in China
ISBN	978-3-642-55092-8
Name	Song, Pengcheng
T I T E L	Private Placement of Public Equity in China
Verlagsort	Berlin, Heidelberg
Verlag	Springer Berlin Heidelberg
Erscheinungsjahr	2014
Erscheinungsjahr	2014
Umfang	Online-Ressource (XVI, 80 p. 3 illus, online resource)
Reihe	SpringerBriefs in Finance
Notiz / Fußnoten	Description based upon print version of record
Weiterer Inhalt	Acknowledgments; Contents; Abstract; 1 Introduction; Abstract ; 1.1 Motivation: Private Placement in China and Its Popularity; 1.2 Findings on Offering Discount; 1.3 Findings on Announcement Effect; 1.4 Findings on Long-Term Performance; 1.5 Contribution of the Study; References; 2 Literature Review; Abstract ; 2.1 Private Benefits of Control and Tunneling; 2.2 The Choice Among Equity Refinancing Methods; 2.3 Discount Determination; 2.3.1 Announcement Effect; 2.4 Long-Run Performance; 2.5 Back to Tunneling: A Critique on the Literature; References. 3 Choice of the Issuing Firm and Its Controlling ShareholderAbstract ; 3.1 Hypothesis Development; 3.1.1 A Firm's Choice Between Private Placement and SEO; 3.1.2 The Largest Shareholder's Decision to Participate in a Private Placement; 3.2 Data; 3.2.1 Sample Selection; 3.2.2 Sample Statistics; 3.3 Methodologies and Variable Construction; 3.4 Empirical Tests; 3.4.1 Descriptive Statistics and Mean-Difference Analysis; 3.4.2 Regression Analysis; References; 4 Determinants of Private Placement Discount; Abstract ; 4.1 Hypothesis Development; 4.2 Sample Construction. 4.3 Methodologies and Variable Construction4.4 Empirical Tests; 4.4.1 Descriptive Statistics and Mean-Difference Analysis; 4.4.2 Regression Analysis; 4.5 Robustness Check; References; 5 Announcement Effect; Abstract ; 5.1 Hypothesis Development; 5.2 Methodologies and Variable Construction; 5.3 Empirical Tests; 5.3.1 Descriptive Statistics and Mean-Difference Analysis; 5.3.2 Regression Analysis; References; 6 Long-Term Performance of Private Placements in China; Abstract ; 6.1 Research Agenda; 6.2 Methodologies and Data; 6.2.1 Sample Selection; 6.2.2 Calculation of the Long-Run Abnormal Return. 6.3 Empirical Results6.3.1 The BHAR Method; 6.3.2 The Calendar-Time Portfolio Method; 6.4 Operating Performance Before and After the Placement; 6.4.1 Robustness Test; References; 7 Conclusion: From the Perspective of Interest Parties; Abstract
Titelhinweis	Druckausg.: ‡Song, Pengcheng: Private placement of public equity in China
ISBN	ISBN 978-3-642-55093-5
Klassifikation	KFFK
	BUS004000
	KFF
	BUS027000
	657.8333
	658.152
	332
	332.6320951
	HG1-9999
	HG4501-6051
	HG1501-HG3550
Kurzbeschreibung	Introduction -- Literature Review -- Choice of the Issuing Firm and Its Controlling Shareholder -- Determinants of Private Placement Discount -- Announcement Effect -- Long-term Performance of Private Placements in China -- Conclusion: from the Perspective of Interest Parties.
2. Kurzbeschreibung	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.
1. Schlagwortkette	China
	Öffentliches Unternehmen
	Going Public
	Private Investition
SWB-Titel-Idn	405481098
Signatur	Springer E-Book
Bemerkungen	Elektronischer Volltext - Campuslizenz
Elektronische Adresse	$uhttp://dx.doi.org/10.1007/978-3-642-55093-5
Internetseite / Link	Volltext
Siehe auch	Volltext
Siehe auch	Cover

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