We develop a non-linear Markov error correction approach to examine the general co-integration relation between the H- and A-prices of cross-listed Chinese stock issuers across the period January 1999 to March 2009. We unravel three important dimensions of this relation. These pertain to (i) the...

This study helps extend our understanding of the factors underlying the valuation of initial public offering (IPO) firms within the Hong Kong market context. The issues investigated are all the more important given Hong Kong's unique position in China, where free and unfettered capital markets...

The present study extends the international body of evidence on executive compensation by offering a novel account of the interaction of CEO gender with executive remuneration and firm performance in the Chinese market place. Examination of more than 10,000 firm-year observations, spanning the...

In recent years, China has partially privatized some of its most important state-owned enterprise companies. Hong Kong has been host to the largest of these issues and during the five-year period, 2005--2009, more initial public offering (IPO) funds were generated through this market than any...

‘Cornerstone’ investor agreements, in which high net-worth entities receive a guaranteed block of IPO shares, constitute an important potential signal of IPO value. Their recent emergence in the Hong Kong market setting, in tandem with detailed prospectus disclosures on such items, opens-up...

Purpose – The purpose of this paper is to examine the population of Chinese state-owned enterprises (SOEs) listing A- (Chinese Mainland) and H- (Hong Kong) shares with a view to explaining differential pricing across the two stock types. Design/methodology/approach – Despite the fact that...

Purpose – China is in the midst of an aggressive privatisation process in which key state-owned enterprises have already tapped, or have plans to tap, international capital through initial public offerings in Hong Kong. Aims to critically assess two major SOE bank IPOs, the Bank of...

Purpose – The purpose of this paper is to provide an updated and critical assessment of the share reforms relevant to Chinese A-share issuers listed in the two mainland markets of Shanghai and Shenzhen. The reform programme first began in 2005 and has now spread widely across issuers in the...