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Private Company Lies
Pollman, Elizabeth - 2020
Rule 10b-5's antifraud catch-all is one of the most consequential pieces of American administrative law and most highly developed areas of judicially-created federal law. Although the rule broadly prohibits securities fraud in both public and private company stock, the vast majority of...
Persistent link: https://www.econbiz.de/10012839884
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The False Promise of Publicly Offered Private Placements
Warren, Manning G. - 2017
This article addresses Congress's promise that an exemption for private placements publicly offered to accredited investors, as mandated by Title II of the Jumpstart Our Business Startups Act (JOBS Act), would provide greater access to capital for our nation's businesses. Based on an extensive...
Persistent link: https://www.econbiz.de/10012960990
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Changes in Lending Practices and Borrower Reporting Quality : Evidence from Chinese State Bank Privatizations
Chen, Deqiu - 2018
terms exhibit a larger increase in sensitivity to borrowers' FRQ. These results suggest that post-privatization: (1) CSBs …
Persistent link: https://www.econbiz.de/10012936432
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Post-Listing Performance and Private Sector Regulation : The Experience of the AIM
Gerakos, Joseph - 2016
We investigate the post-listing experience of companies raising capital on the London Stock Exchange's Alternative Investment Market (AIM). The AIM is unique in that it is privately regulated and relies on Nominated Advisors (Nomads) who compete to bring new listings and provide ongoing...
Persistent link: https://www.econbiz.de/10013008732
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State Ownership and Debt Choice : Evidence from Privatization
Boubakri, Narjess - 2018
In this paper we examine the link between state ownership and the choice of public debt versus bank debt in an international context. Using a large sample of privatized firms from 62 countries over the 2001-2014 period, we find that state ownership is significantly positively associated with the...
Persistent link: https://www.econbiz.de/10012934343
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Privatization Versus Private Sector Initial Public Offerings in Poland
Aussenegg, Wolfgang - 2016
privatization policy over time by underpricing, selling a high fraction at the initial offer and underpricing more when selling to …This article compares the characteristics and the price behavior of case-by-case privatization initial public offerings … and private sector initial public offerings in Poland over the first nine years after the reopening of the Warsaw Stock …
Persistent link: https://www.econbiz.de/10013004292
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A Game of Accounting Numbers in Asset Pricing : Evidence from the Privatization of State-Owned Enterprises
Chen, Charles J. P. - 2011
private investors in the privatization of state-owned enterprises (SOEs). We find that the managers of listed Chinese SOEs … turnover rate in the year following the privatization. These findings highlight the need to consider the opportunism of …
Persistent link: https://www.econbiz.de/10013121129
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Reforming Private Securities Litigation in China : The Stock Market Has Already Cast its Vote
Xu, Wenming - 2016
This paper employs a natural experiment research design to analyze the differences in the effects of the 2002 notice concerning private securities litigation issued by the Supreme People's Court on stock price performance in A/B-share markets. Using a sample of 162 twin A/B-shares issued by 81...
Persistent link: https://www.econbiz.de/10013005511
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Private Communication and Earnings Management
QI, Zhen - 2019
This study conducts the first analysis of the influence of private communication on earnings management. Results show that private communication can curb earnings management; the constraining effect of private communication on earnings management is greater when the number of external...
Persistent link: https://www.econbiz.de/10012858761
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State-Owned Enterprises as Actors : An Institutional Work Framework
Butzbach, Olivier; Fuller, Douglas B.; Schnyder, Gerhard; … - 2021
Although state-owned enterprises (SOEs) are recognized as important economic actors, the literature to date has assumed close state control over SOEs and therefore their passive stance towards institutions. Drawing on the institutional work and historical institutionalism literatures, we...
Persistent link: https://www.econbiz.de/10013231836