Private Placement of Public Equity in China
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Beschreibung
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.
First book to investigate both extensively and intensively into Private Placement of Public Equity in China Discusses the topic Analyzing private placement in China, one of the most interesting empirical issue currently explored by researchers Helps other PE firms to pursue opportunities in PIPE (Private Investment in Public Equity) Includes supplementary material: sn.pub/extras
Autor*in
Pengcheng Song
Themen in »Private Placement of Public Equity in China«
China Stock Market Private Investment in Public Equity Private Placement of Public Equity Private Placement of Stocks Seasoned Equity Offering Tunneling