Pan, Hongbo; Xia, Xinping; Yu, Minggui - In: Emerging Markets Finance and Trade 44 (2008) 1, pp. 5-20
China. Using a sample of 444 rights issues from 1999 to 2004, we find that the change in wealth of tradable shareholders is … evidence indicates that the expropriation effect in rights issues is exacerbated when the firm is not ultimately controlled by … the government, the nontradable shareholders do not subscribe the shares of rights issues, or the firm has a large second …