Yang, Sheng-gang; Wang, Tian-yi; Jiang, Shun-cai - In: Journal of Economic Policy Reform 10 (2007) 4, pp. 297-308
This paper investigates the initial returns of Chinese A-share initial public offerings (IPOs) under the split-share structure before 2005. The split-share structure refers to the coexistence of shareholders of tradable shares and shareholders of non-tradable shares. The average initial return...