Long-Term Performance of Private Placements in China
In this chapter, I document positive long-run abnormal return of private offerings, evidence supportive of the under-reaction hypothesis. I then refer to findings in earlier chapters and argue that the largest shareholder does not deserve the excess disco
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Pengcheng Song
Private Placement of Public Equity in China
SpringerBriefs in Finance
For further volumes: http://www.springer.com/series/10282
Pengcheng Song
Private Placement of Public Equity in China
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Pengcheng Song Department of Research and Development China Huarong Asset Management Co., Ltd and School of Finance Renmin University of China Beijing China
ISSN 2193-1720 ISSN 2193-1739 (electronic) ISBN 978-3-642-55092-8 ISBN 978-3-642-55093-5 (eBook) DOI 10.1007/978-3-642-55093-5 Springer Heidelberg New York Dordrecht London Library of Congress Control Number: 2014937265 © The Author(s) 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
To Baolian
Acknowledgments
This piece of research was conducted mostly when I was a Ph.D. student at School of Economics and Finance, University of Hong Kong. The draft has also been improved since I started to work as a fellow in the post-doctoral program co-sponsored by China Huarong Asset Management Co., Ltd and School of Finance, Renmin University of China. I would like to thank Editor Emmi Yang at Springer for her support during the whole publishing cycle. I am still in search of a word that goes beyond thanks to recognize Dr. Xiaohui Gao, my supervisor, for her generous encouragement and support in m
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