Why Don't Share Issue Privatizations Improve Profitability in China?
Previous studies show that profitability does not improve after share issue privatization (SIP) in China. We explore the possibility that the positive privatization effect can be overwhelmed by a negative listing effect, leading to an overall negative or insignificant SIP profitability change. Using the difference-in-differences approach with various matched samples, we show that there is a positive privatization effect and there is a negative listing effect on profitability. We also document evidence of a significant improvement in profitability after separating the “pure” privatization effect from the SIP effect. Our findings are robust to alternative variable specifications and methodological changes
Year of publication: |
2020
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Authors: | Li, Bo |
Other Persons: | Megginson, William L. (contributor) ; Shen, Zhe (contributor) ; Sun, Qian (contributor) |
Publisher: |
[2020]: [S.l.] : SSRN |
Subject: | Privatisierung | Privatization | China | Öffentliches Unternehmen | Public enterprise | Börsengang | Initial public offering | Rentabilität | Profitability |
Saved in:
freely available
Extent: | 1 Online-Ressource (60 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 25, 2017 erstellt |
Other identifiers: | 10.2139/ssrn.2946766 [DOI] |
Classification: | G32 - Financing Policy; Capital and Ownership Structure ; G38 - Government Policy and Regulation ; G15 - International Financial Markets |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012854433
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