Central Library

Normal view MARC view ISBD view

Private Placement of Public Equity in China [electronic resource] / by Pengcheng Song.

By: Song, Pengcheng [author.].
Contributor(s): SpringerLink (Online service).
Material type: materialTypeLabelBookSeries: SpringerBriefs in Finance: Publisher: Berlin, Heidelberg : Springer Berlin Heidelberg : Imprint: Springer, 2014Description: XVI, 80 p. 3 illus. online resource.Content type: text Media type: computer Carrier type: online resourceISBN: 9783642550935.Subject(s): Finance | Finance | Finance, generalAdditional physical formats: Printed edition:: No titleDDC classification: 332 Online resources: Click here to access online
Contents:
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.
In: Springer eBooksSummary: 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.
    average rating: 0.0 (0 votes)
No physical items for this record

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.

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.

There are no comments for this item.

Log in to your account to post a comment.