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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
The conventional wisdom in corporate law posits that private ordering has an important virtue: it allows firms to efficiently tailor governance terms to their particular needs. This virtue is routinely advanced to justify the largely “enabling” structure of U.S. corporate law, and to oppose...
Persistent link: https://www.econbiz.de/10012934497
This article uses Israel's ongoing process of bank privatization to explore the link between privatization programs and … shareholders to widely held firms. The government may therefore prefer selling a control block in the firm undergoing privatization …
Persistent link: https://www.econbiz.de/10013037630
Recent evidences indicate that privatization leads to enormous benefits to society almost without undesirable costs …. However, stakeholders of privatization seem not to satisfy the resulting performance of privatized firms. Using data from 202 … companies up to 10 years and study costs and benefits of privatization. Privatization is followed by a 1.1-percentage …
Persistent link: https://www.econbiz.de/10013146701
This Article provides an early assessment of the impact on corporate governance of the most recent wave of SOE reform announced by the CCP in 2013, officially known as the mixed-ownership reform (MOR). It offers a comprehensive and detailed account of the background, policy and regulatory...
Persistent link: https://www.econbiz.de/10012847112
-scale privatization in Russia. The analysis shows that although employee buyouts have helped to reduce unemployment and prevent major …
Persistent link: https://www.econbiz.de/10014221198
I use the announcement of a market liberalization pilot program in China as a shock to firms' disclosure environment and examine how the Chinese firms, foreign investors, and foreign brokers respond. Using a proprietary dataset, I find that affected firms respond to announcement by significantly...
Persistent link: https://www.econbiz.de/10012854147
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