Private Placement of Public Equity in China

Online-Ressource (XVI, 80 p. 3 illus, online resource)

Description based upon print version of record

Acknowledgments; Contents; Abstract; 1 Introduction; Abstract ; 1.1 Motivation: Private Placement in China and Its Popularity; 1.2 Findings on Offering Discount; 1.3 Findings on Announcement Effect; 1.4 Findings on Long-Term Performance; 1.5 Contribution of the Study; References; 2 Literature Review; Abstract ; 2.1 Private Benefits of Control and Tunneling; 2.2 The Choice Among Equity Refinancing Methods; 2.3 Discount Determination; 2.3.1 Announcement Effect; 2.4 Long-Run Performance; 2.5 Back to Tunneling: A Critique on the Literature; References

3 Choice of the Issuing Firm and Its Controlling ShareholderAbstract ; 3.1 Hypothesis Development; 3.1.1 A Firm's Choice Between Private Placement and SEO; 3.1.2 The Largest Shareholder's Decision to Participate in a Private Placement; 3.2 Data; 3.2.1 Sample Selection; 3.2.2 Sample Statistics; 3.3 Methodologies and Variable Construction; 3.4 Empirical Tests; 3.4.1 Descriptive Statistics and Mean-Difference Analysis; 3.4.2 Regression Analysis; References; 4 Determinants of Private Placement Discount; Abstract ; 4.1 Hypothesis Development; 4.2 Sample Construction

4.3 Methodologies and Variable Construction4.4 Empirical Tests; 4.4.1 Descriptive Statistics and Mean-Difference Analysis; 4.4.2 Regression Analysis; 4.5 Robustness Check; References; 5 Announcement Effect; Abstract ; 5.1 Hypothesis Development; 5.2 Methodologies and Variable Construction; 5.3 Empirical Tests; 5.3.1 Descriptive Statistics and Mean-Difference Analysis; 5.3.2 Regression Analysis; References; 6 Long-Term Performance of Private Placements in China; Abstract ; 6.1 Research Agenda; 6.2 Methodologies and Data; 6.2.1 Sample Selection; 6.2.2 Calculation of the Long-Run Abnormal Return

6.3 Empirical Results6.3.1 The BHAR Method; 6.3.2 The Calendar-Time Portfolio Method; 6.4 Operating Performance Before and After the Placement; 6.4.1 Robustness Test; References; 7 Conclusion: From the Perspective of Interest Parties; Abstract

10.1007/978-3-642-55093-5 [DOI]

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