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Institutional environment, firm ownership, and IPO first-day returns : evidence from China

Chen, Yibiao; Wang, Steven Shuye; Li, Wei; Sun, Qian; … - In: The journal of corporate finance : contracting, … 32 (2015), pp. 150-168

Persistent link: https://www.econbiz.de/10011316491

Why Don't Share Issue Privatizations Improve Profitability in China?

Li, Bo - 2020

Previous studies show that profitability does not improve after share issue privatization (SIP) in China. We explore … the possibility that the positive privatization effect can be overwhelmed by a negative listing effect, leading to an … samples, we show that there is a positive privatization effect and there is a negative listing effect on profitability. We …

Persistent link: https://www.econbiz.de/10012854433

State Ownership, Soft-Budget Constraint and Cash Holdings : Evidence from China’s Privatized Firms

Megginson, William L. - 2012

We study the relation between state ownership and cash holdings in China's share-issue privatized firms from 1993 to 2007. We find that the level of cash holdings declines as state ownership increases. This negative relation is attributable to the soft-budget constraint (SBC) inherent in state...

Persistent link: https://www.econbiz.de/10013115833

The private sector advances in China : the evolving ownership structures of the largest companies in the Xi Jinping era

Huang, Tianlei; Véron, Nicolas - 2022

This paper documents recent structural changes in China's corporate landscape, based on company level data, providing a complementary perspective to that of official Chinese statistics. We classify China's largest companies by revenue since 2004 (based on Fortune Global 500 rankings), and...

Persistent link: https://www.econbiz.de/10013184745

State Ownership, Soft-Budget Constraints, and Cash Holdings : Evidence from China's Privatized Firms

Megginson, William L. - 2015

We study the relation between state ownership and cash holdings in China's share-issue privatized firms from 2000 to 2012. We find that the level of cash holdings increases as state ownership declines. For the average firm in our sample, a 10 percentage-point decline in state ownership leads to...

Persistent link: https://www.econbiz.de/10013031410

State Capitalism vs. Private Enterprise

Chen, Donghua - 2017

We study the efficiency of capital allocations at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital transfers, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...

Persistent link: https://www.econbiz.de/10012972324