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Going public in China : reverse mergers versus IPOs

Lee, Charles M. C.; Qu, Yuanyu; Shen, Tao - 2018 - This draft: July 17, 2018

We study firms that go public through reverse mergers (RMs) versus initial public offerings (IPOs) in China. Using a manually assembled data set, we show that pre-listing RM firms are larger, more profitable, and less politically connected than pre-listing IPO firms. Chinese RM firms also have...

Persistent link: https://www.econbiz.de/10011979947

Reverse mergers, shell value, and regulation risk in Chinese equity markets

Lee, Charles M. C.; Qu, Yuanyu; Shen, Tao - 2017

Using a comprehensive sample of reverse merger (RM) transactions, we examine the effects of China's IPO regulations on the prices and returns of its publicly listed stocks. During 2007-2015, unlisted Chinese firms paid an average of 3 to 4 Billion RMB for each listed shell, an amount exceeding...

Persistent link: https://www.econbiz.de/10011873081

Shell Games : The Long Term Performance of Chinese Reverse Merger Firms

Lee, Charles M.C. - 2014

We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85% of all foreign RMs). As a group, RMs are early-stage companies that typically trade over-the-counter. Chinese RMs...

Persistent link: https://www.econbiz.de/10013065341

State Ownership, Cross-Border Acquisition, and Risk-Taking : Evidence from China's Banking Industry

Zhu, Wenyu - 2016

Does state ownership breed risk-taking behavior in commercial banks? This paper examines this issue using a panel of Chinese banks. We find that state-ownership is in general associated with higher risks. In addition, we find that banks controlled by the central government have the highest...

Persistent link: https://www.econbiz.de/10013005596

Cross-Border Mergers and Acquisitions and Corporate Social Responsibility : Evidence from Chinese Listed Firms

Li, Zhe; Wang, Ping - 2022

This study examines the impact of cross-border mergers and acquisitions (M&As) on acquirers’ corporate social responsibility (CSR). Based on a sample of Chinese listed firms, we find that firms with cross-border M&A activities experience an improvement in subsequent CSR performance, and this...

Persistent link: https://www.econbiz.de/10013298156

Investor Protection and Firm Performance : Evidence from China's Cross-Border Mergers and Acquisitions

Hua, Xiuping - 2015

Using a sample of 1470 cross-border mergers and acquisitions from 1997 through 2011, it finds two distinctive features of the financial market in China. First, better investor protection mechanisms at target countries, such as better law and order conditions, lower public sector corruption and...

Persistent link: https://www.econbiz.de/10013029172

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

State Capitalism vs. Private Enterprise

Chen, Donghua - 2017

Persistent link: https://www.econbiz.de/10012972325

Cross-Border Acquisitions in a Transition Economy : Recent Experiences of China and India

Nagano, Mamoru - 2015

This paper examines the causes and consequences of cross-border acquisitions in a transition economy using the 1998-2006 deal data for targeted Chinese and Indian firms and foreign acquirers. Our empirical analysis resulted in three important findings. First, firms with high cash reserve ratio...

Persistent link: https://www.econbiz.de/10013038556

The Convergence of the Chinese and Western Takeover Markets

Song, Guoxiang - 2009

The evolution of the Chinese takeover market and its integration with the international takeover market are analysed in … decentralised “Anglo-Saxon” takeover market. Second, the paper provides statistical and case material on the extent to which the … Chinese takeover market has in practice become aligned with that of the US and UK. And, third, it presents case evidence on …

Persistent link: https://www.econbiz.de/10013154501

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