Fang, Junxiong; Shi, Haina; Xu, Haoping - In: Journal of Multinational Financial Management 22 (2012) 4, pp. 131-150
Using a sample of 156 monthly returns over the period of 1996–2008, we find a positive relation between the monthly issuing size and prior market returns, suggesting that the government decides the timing and the size of issuances based on prior market conditions. Different from previous...