【摘 要】
：
As private placement gradually become the main means of financing for listed companies,the equity pricing of shares issued at a discount in the private market and the influence of different investors
【机 构】
：
Business School of East China University of Science and Technology,Shanghai 200237
【出 处】
：
香港城市大学,中国石油大学,加州大学河滨分校,伊利诺伊大学厄巴纳-香槟分校
论文部分内容阅读
As private placement gradually become the main means of financing for listed companies,the equity pricing of shares issued at a discount in the private market and the influence of different investors are worth exploring.By using the average abnormal return,cumulative abnormal return,return rate on long-run holdings and other indicators,we make a comparative study on the abnormal stock returns around the pricing ex-date and the releasing restricted date,multiple regression model is used to study the influences of the factors associated to the discount rate.The results show that the changes of indicators are significant around the pricing ex-date,and the change is greater on relational investors than non-affiliated investors.In the releasing restricted date,there are significant abnormal returns for different investors,and return rate on long-run holdings for relational investors is higher than the non-affiliated investors.Finally,we suggest that relevant departments should regulate the pricing ex-date,and protect the rights and interests of different investors.
其他文献
北航案例起步较晚，但在短时间内、利用较少资源投入获得了丰硕的成果，案例中心也由单一的职能中心逐步发展为案例生态系统的核心成员，影响力在全国显著上升，实现了从零到优秀的跨越。
Understanding Customer experience is critical for firm.The customer experience process flows from pre-purchase,to purchase,to post-purchase,and is iterative and dynamic.Past experience,current experie
With the arrival of the era of experience marketing,lots of store brands retailers began to seize the development opportunity.At present,the market of store brands presents the polarization situation
Based on rational analysis,cognitive bias and affective factors,this paper puts forward a comprehensive theoretical framework to explore the differences between Chinese and foreign brand attitudes and
In an experiment with a convenience sample of 44 American and 57 Chinese undergraduate students,this research tests the interaction effect between culture(American vs.Chinese)and amount of expense(low
As the growth in the sport fandom format of sports consumers in China continues to emerge as an important segment in marketing literature,understanding what drives fan engagement behaviour has recentl
An increasingly mobile urban population challenges local governments to better understand the heterogeneity in residents motivation to engage in environmentally friendly activities.In the social dilem
This paper explores the complexity of soliciting money for a charitable cause in China.Based on the logic of guanxi and renqing,it looks at how people reflect on the act of soliciting their own networ
Traditional theory such as theory of planned behavior conside sustainable consumption behavior as a statistic result influenced by different factors,and can not explained attitude-behaivior gap of sus
As an extension of the resource-based view,marketing capabilities play a critical role in firm performance and the impact of brand management strategies.Using a large global database of brand managers