Calomiris, Charles W.; Fisman, Raymond; Wang, Yongxiang - In: Journal of Financial Economics 96 (2010) 3, pp. 399-412
We examine the market response to an unexpected announcement of the sale of government-owned shares in China. In contrast to earlier work, we find a negative effect of government ownership on returns at the announcement date and a symmetric positive effect from the policy's cancellation. We...