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Creating Visibility : Voluntary Disclosure by Private Firms Pursuing an Initial Public Offering

Dambra, Michael - 2020

We draw on Merton (1987) to develop predictions for the benefits of voluntary disclosures made by firms pursuing an initial public offering (IPO) prior to when they begin to provide regulated financial information via their IPO prospectus. We find that voluntarily issuing press releases and...

Persistent link: https://www.econbiz.de/10012851875

Cashing it in : private-company exchanges and employee stock sales prior to IPO

Larcker, David F.; Tayan, Brian; Watts, Edward M. - 2018

Companies in the United States are staying private longer, and this trend has important implications for companies and their employees. Employees holding equity awards in private companies are restricted from monetizing an illiquid asset that they might need to support their living expenses....

Persistent link: https://www.econbiz.de/10011980323

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 Political Economy of State Residual Ownership in Privatized Firms : Evidence from Emerging Markets

Guedhami, Omrane - 2009

. Specifically, we examine the determinants of residual state ownership after privatization over a window of up to six years after … privatization is politically shaped and constrained, and hence obeys to a dynamic that is different from one country to another …

Persistent link: https://www.econbiz.de/10013155841

The Political Economy of Residual State Ownership in Privatized Firms : Evidence from Emerging Markets

Boubakri, Narjess - 2009

ownership after privatization over a window of up to six years after divestiture. We find that the residual state ownership is … privatization is politically shaped and constrained by a dynamic that will differ between countries …

Persistent link: https://www.econbiz.de/10013155862

Financing Patterns in Transition Economies : Privatized Former SOEs versus Ab Initio Private Firms

Liu, Yu - 2019

We employ 19,521 unique firms in 30 transition economies to investigate the relation between the origins of private firms and their financing patterns. In our sample, the private firms are either privatized former state-owned enterprises (SOEs) or ab initio (from the beginning) private firms....

Persistent link: https://www.econbiz.de/10012903516

Innovation Strategy of Private Firms

Gao, Huasheng - 2017

We compare innovation strategies of public and private firms based on a large sample over the period 1997-2008. We find that public firms' patents rely more on existing knowledge, are more exploitative, and are less likely in new technology classes, while private firms' patents are broader in...

Persistent link: https://www.econbiz.de/10012973433

Performance Differential Between Private and State-Owned Enterprises : An Analysis of Profitability and Leverage

Phi, Nguyet Thi Minh - 2019

intensive and have higher labor costs. Thus, evidence from this study could be interpreted to mean that privatization could …

Persistent link: https://www.econbiz.de/10012861129

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