Equity transfers and market reactions: Evidence from Chinese stock markets
Our logit models explain positive or negative short-term market reactions due to equity transfers in China. In contrast to former studies, we classify transfers into private transactions, privatisations, transfers among state-owned enterprises (SOEs) and nationalisations. We control for uncompensate...
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| Format: | Article |
| Language: | English |
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2008-12.
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| Online Access: | Get fulltext |
| LEADER | 01142 am a22001333u 4500 | ||
|---|---|---|---|
| 001 | 165719 | ||
| 042 | |a dc | ||
| 100 | 1 | 0 | |a Kling, Gerhard |e author |
| 700 | 1 | 0 | |a Gao, Lei |e author |
| 245 | 0 | 0 | |a Equity transfers and market reactions: Evidence from Chinese stock markets |
| 260 | |c 2008-12. | ||
| 856 | |z Get fulltext |u https://eprints.soton.ac.uk/165719/1/Equity_transfer.doc | ||
| 520 | |a Our logit models explain positive or negative short-term market reactions due to equity transfers in China. In contrast to former studies, we classify transfers into private transactions, privatisations, transfers among state-owned enterprises (SOEs) and nationalisations. We control for uncompensated transactions, transfers of holding rights, replacements of the CEO and related party transactions. Privatisations trig-ger positive responses, whereas nationalisations cause declining stock prices. The market appreciates reforms in the state-owned sector if reorganisations include the transfer of holding rights and not just replacing the CEO. Uncompensated transfers and non-transparent transactions of related parties diminish gains for minority shareholder | ||
| 655 | 7 | |a Article | |