Chen, Qi; Chen, Xiao; Schipper, Katherine; Xu, Yongxin; … - In: Review of Financial Studies 25, 12, pp. 3610-3644
The average cash holdings of Chinese-listed firms decreased significantly after the split share structure reform in China, which specified a process that allowed previously nontradable shares held by controlling shareholders to be freely tradable on the exchanges. The reduction in cash holdings...
