This paper examines the financing choices made by New Zealand firms and the factors that influence those choices over the period 1984 to 2009. New Zealand firms are faced with relatively thin capital markets that lack scale and participation. The paper therefore provides an alternative...

We study the IPO underpricing and long-run performance of ChiNext, a newly-established growth enterprise board in China. Using a sample of 281 ChiNext IPOs between October 2009 and December 2011, the initial average market adjusted abnormal return (MAAR) is 33.5% and the average 12-month...

This study investigates the determinants of venture capital (VC) performance in China. We focus on the impact of VC reputation, political connections, and managing partner/founder's experience on the performance of domestic and foreign VC investments. After controlling for VC age, portfolio firm...

In this article we argue the price per share at which private equity is sold relative to current market price conveys important information to the stock market regarding firm quality. The information content of the placement price may be especially important in markets where there are no...

This paper considers the link between ruling political parties and stock, property, and bond returns in Australasia. Australia and New Zealand provide an ideal setting as their political systems allow a precise examination of the influences of political parties. We find higher inflation under...

This study investigates the risk factors for A-shares listed on both Shenzhen and Shanghai Stock Exchange in China using variables from Akgun and Gibson (2001). By rearranging these risk variables into several principle components, we have run the cross-sectional regression on the orthogonal...

Market commentators have suggested that New Zealand's lax private placement and disclosure regulation allows private placement purchasers to immediately sell discounted shares without disclosing these transactions to the market. However, New Zealand firms with the deepest discounts tend to have...

We examine the motives for takeovers in New Zealand surrounding the 1987 stock market crash and compare with the U.S. findings of Gondhalekar and Bhagwat (2003). There are a number of structural differences between the New Zealand and U.S. markets that could impact on merger motives. Compared...

This paper examines the price response to large block transactions made on the Australian Stock Exchange during the 1999 sample period. We find asymmetry in the price reaction between buyer- and seller-initiated trades with respect to size and resiliency following the trade. We extend previous...

The New Zealand market allows us to explore the effect of a less restrictive private placement regulatory environment compared to the US and other countries where private placements have already been examined. Examples include no resale restrictions on shares purchased through private placements...