图书名称：Private Placement of Public Equity in China
作者：Pengcheng Song
出版社：Springer
页数：91
出版时间：May 2014
语言：English
格式：pdf
内容简介：
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.

Table of Content

Front Matter Pages i-xvi
1、Introduction Pages 1-7
2、Literature Review Pages 9-20
3、Choice of the Issuing Firm and Its Controlling Shareholder Pages 21-38
4、Determinants ofPrivate Placement Discount Pages 39-52
5、Announcement Effect Pages 53-63
6、Long-Term Performance ofPrivate Placements in ChinaPages 65-78
7、Conclusion: From the Perspective of InterestPartiesPages 79-80

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