Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download The Financial And Operating Performance Of Chinese Ipo Market full books in PDF, epub, and Kindle. Read online The Financial And Operating Performance Of Chinese Ipo Market ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Zhaiqing Qi
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (156 download)
Download or read book The Financial and Operating Performance of Chinese IPO Market written by Zhaiqing Qi and published by . This book was released on 2004 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Changyun Wang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Ownership and Operating Performance of Chinese Ipos written by Changyun Wang and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine changes in operating performance of Chinese listed companies around their initial public offerings, and focus on the effect of ownership and ownership concentration on IPO performance changes. We document a sharp decline in post-issue operating performance of IPO firms. We also find that neither state ownership nor concentration of ownership is associated with performance changes, but there is a curvilinear relation between legal-entity ownership and performance changes and between concentration of non-state ownership and performance changes. Our results are robust to different performance measures and industry adjustments. These findings suggest that agency conflicts, management entrenchment, and large shareholders' expropriation co-exist to influence Chinese IPO performance, and the beneficial and detrimental effects of state shareholdings tend to offset each other.
![Download Ungerpricing [sic] and Long-run Performance of Chinese IPOs PDF Online Free](https://books.google.com/books/content/images/frontcover/D14XuAEACAAJ?fife=w200-h370)
Author : Yuzhi Wang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Ungerpricing [sic] and Long-run Performance of Chinese IPOs written by Yuzhi Wang and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nuo Lai
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (611 download)
Download or read book The Aftermarket Performance of Chinese IPOs written by Nuo Lai and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I study the phenomena of initial underpricing and long-run underperformance of initial public offerings (IPO) in the Chinese A-share market. After giving an overview on existing literature and the characteristics of the Chinese IPO market, I examine a sample consisting of 196 A-share IPOs issued on the Shanghai Stock Exchange (SSE) during 2002 and 2004 and find that the average market-adjusted initial underpricing is 93.89% and that the average market-adjusted cumulative return and buy-and-hold return over the three years after listing are -20.77% and -24.07%, respectively, which are both significantly negative at 1% level. I then use a cross-sectional analysis to explain the initial underpricing of Chinese IPOs, showing that issuing companies with smaller offer sizes, lower offer prices and higher profitability have higher initial underpricing. Chinese IPO investors are also facing the winner's curse problem. The cross-sectional analysis of long-run performance shows that companies with lower initial underpricing perform better in the long-run and that long-run performance mainly depends on the operating performance of the companies. Government ownership has no significant impact on initial underpricing and long-run performance of IPOs in my sample.
Author : Chen-Chien Hsun
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (111 download)
Download or read book Initial Public Offering and Corporate Governance in China's Transitional Economy written by Chen-Chien Hsun and published by . This book was released on 2003 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper empirically investigates the performance of Chinese initial public offerings (IPOs). The data used covers the period from mid-1995 to mid-1999 with the sample including 884 companies (both in the A- and B-share markets). In an examination of growth, profitability and stability of listed companies either individually or as a combination, it can be seen that the only industries in which listed companies in China display strong performance are public utilities, transportation and finance. If one examines the changes in listed companies' financial indicators following the IPO, it becomes apparent that with the exception of earnings related indicators (EPS and ROE) there are no significant changes. What's more, the financial indicators tend to fall rapidly year on year. This means that the IPO is of little obvious help to companies' operational performance, and may actually make things worse. One of the reasons for this is that in order to implement the IPO and secure stock market listing, companies tend to submit inflated figures in the financial statements that they are required to provide. Another possible factor is the poor corporate governance characteristics of Chinese enterprises.
Author : Yongli Luo
Publisher :
ISBN 13 :
Total Pages : 1 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Overseas Listing Puzzle written by Yongli Luo and published by . This book was released on 2014 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt: The “China concepts stock” in the U.S. has attracted a great deal of attention among international investors due to the fast growth in Chinese economy. This paper examines the aftermarket performance and the motivations to list in the U.S. for Chinese firms over 1993-2010 by considering the great impact of split-share structure reform in China. We find that the Chinese firms in the U.S. generally underperform the benchmark and industry peers in the post-IPO period of three years. The Chinese cross-listing ADRs show superior performance relative to the single-listings in the long run. It seems that more stringent listing requirements and accounting standards help to improve the corporate governance and operating performance of the Chinese firms. The evidence also supports that the Chinese issuers are motivated to cross-list in the U.S. due to over-investment incentives, leverage effects or free-cash-flow signaling, which is consistent with agency theory and signaling hypothesis.
Author : Jing Chi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (592 download)
Download or read book The Performance and Characteristics of the Chinese IPO Market written by Jing Chi and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 190 pages
Book Rating : 4.:/5 (78 download)
Download or read book Two Essays on the Performance of Chinese IPO Market written by and published by . This book was released on 2008 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Carol Padgett
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Performance and Long-Run Characteristics of the Chinese IPO Market written by Carol Padgett and published by . This book was released on 2014 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the short-run and long-run performance of Chinese privatization initial public offerings (PIPOs), using data for 340 and 409 new issues on the Shanghai and Shenzhen Stock Exchanges respectively, from 1 January 1996 through 31 December 1997. The average market-adjusted initial return is found to be 127.31%, and the initial returns on both stock exchanges are not significantly different from each other. The average market-adjusted buy and hold return over the three years after listing is 10.26%, which is significantly different from zero at the 1% level. We then use cross-sectional analysis to explain the long-run supernormal performance of Chinese PIPOs, and find that government ownership, the offering size and the feature of belonging to a high-tech industry are the main determinants of the long-run performance. In addition, firms that perform better in the long-run tend to make more Seasoned Equity Offerings (SEOs), and the underpricing of IPOs is negatively related to their long-run performance.
Download or read book Regolamento per l'esecuzione della legge federale sui pesi e le misure accompagnato dalle Istruzioni per i verificatori written by and published by . This book was released on 1900 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michelle Lowry
Publisher :
ISBN 13 : 9781680833416
Total Pages : 166 pages
Book Rating : 4.8/5 (334 download)
Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.
Author : Hui He
Publisher : International Monetary Fund
ISBN 13 : 1484303725
Total Pages : 56 pages
Book Rating : 4.4/5 (843 download)
Download or read book Does the Stock Market Boost Firm Innovation? written by Hui He and published by International Monetary Fund. This book was released on 2017-06-30 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. We find that IPOs lead to an increase in both the quantity and quality of firm innovation activity. In addition, IPOs expand a firm’s scope of innovation beyond its core business. The impact of IPOs on firm innovation varies across financial constraints, corporate governance, and ownership structures. Our results further illustrate that IPOs induce a firm to increase the number of inventors and enable better retention of existing inventors after the IPO. Finally, we show that the enhanced innovation activity resulting from IPOs increases a firm’s Tobin’s Q in the long run.
Author : Chunfang Cao
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)
Download or read book Do Excess Funds Make Financially Constrained Firms Better Off? Evidence from IPOs in China written by Chunfang Cao and published by . This book was released on 2019 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms in transition economies often suffer financial constraints. In Initial Public Offerings (IPOs), however, many newly listed Chinese firms raise funds in excess of what is originally planned. This paper examines whether the excess IPO funds are wasted on value-destroying spending or enable firms to take growth opportunities. After controlling for the endogeneity issue, we find that Chinese firms with excess IPO funds have better post-IPO operating performance, especially those with limited financing channels. In revealing the mechanism, we find that excess IPO fundraising alleviates financial constraints and reduces cost of debt.
Author : Joseph P. H. Fan
Publisher : University of Chicago Press
ISBN 13 : 0226237249
Total Pages : 401 pages
Book Rating : 4.2/5 (262 download)
Download or read book Capitalizing China written by Joseph P. H. Fan and published by University of Chicago Press. This book was released on 2013 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: La 4e de couverture indique : "Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. The chapters in this volume examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries."
Author : Alexander Richter
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (861 download)
Download or read book The Performance of Chinese IPOs Listed in Singapore written by Alexander Richter and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the global IPO market, the Asia-Pacific region has grown tremendously in importance. This paper examines the performance of Chinese IPOs listed on the Singapore Exchange (SGX), where they make up for a significant part of stock market activity. Although IPO performance has been an area of vast research, hardly any research has yet been conducted on the phenomenon of foreign listings. A sample of 103 Mainland Chinese companies that went public in Singapore between 2003 and 2013 is compared to the Singaporean overall market as well as to Chinese companies listed on the domestic stock exchanges in Shenzhen and Shanghai. Among these samples, consisting of a total of 1682 new issuances, differences are identified and possible explanations given. Models of information asymmetry and market sentiment are used to explain higher initial returns on Chinese companies as their offers are accompanied by a higher degree of uncertainty. The differences in MAIRs between Singapore and China also show that the SGX is a more efficient and sophisticated stock exchange. Based on the regressions, the author concludes that the difference in IPO underpricing between the particular samples can be explained by a variety of factors, which are sometimes hard to qualify. Furthermore, the empirical evidence indicates that Chinese companies significantly underperform the overall market in the long-run. This can be attributed to the decline in investor confidence, as investors start questioning the quality of these companies more strongly.
Author : Tim Jenkinson
Publisher : Oxford University Press, USA
ISBN 13 : 9780198295990
Total Pages : 264 pages
Book Rating : 4.2/5 (959 download)
Download or read book Going Public written by Tim Jenkinson and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going Public investigates why companies routinely underprice themselves as they try to list themselves on the stock exchange. They subsequently underperform over the long-term and, in Going Public, the authors explore these 2 phenomena in plain English.
Author : LIN WILLIAM CONG; CHARLES M. C. LEE; YUANYU QU; TAO.
Publisher :
ISBN 13 : 9781680835991
Total Pages : 64 pages
Book Rating : 4.8/5 (359 download)
Download or read book Financing Entrepreneurship and Innovation in China written by LIN WILLIAM CONG; CHARLES M. C. LEE; YUANYU QU; TAO. and published by . This book was released on 2020 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financing Entrepreneurship and Innovation in China provides an overview of the current state-of-affairs in the financing of private innovations in China. While country-level innovation can take many forms, the focus is on the funding of business start-ups and entrepreneurial ventures.
