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Market discounts and announcement effects of private placements: evidence from China

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Listed:
  • Deng Lu
  • Li Si-fei
  • Wu Wei-xing

Abstract

This article examines the market discounts and announcement effects of private equity placements in China. We find that, on average, Chinese firms have about 30% market discounts for private placements, which is higher in number than those of US firms. Firms experience positive announcement effects for private placements and such effects are positively related with the market discounts.

Suggested Citation

  • Deng Lu & Li Si-fei & Wu Wei-xing, 2011. "Market discounts and announcement effects of private placements: evidence from China," Applied Economics Letters, Taylor & Francis Journals, vol. 18(15), pages 1411-1414.
    • Handle: RePEc:taf:apeclt:v:18:y:2011:i:15:p:1411-1414
    DOI: 10.1080/13504851.2010.539531
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    Cited by:

    1. Qing He & Dongxu Li & Liping Lu & Terence Tai Leung Chong, 2019. "Institutional Ownership and Private Equity Placements: Evidence from Chinese Listed Firms," International Review of Finance, International Review of Finance Ltd., vol. 19(2), pages 315-346, June.
    2. Dong, Gang Nathan & Gu, Ming & He, Hua, 2020. "Invisible hand and helping hand: Private placement of public equity in China," Journal of Corporate Finance, Elsevier, vol. 61(C).
    3. Deng, Lu & Li, Sifei & Liao, Mingqing & Wu, Weixing, 2013. "Dividends, investment and cash flow uncertainty: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 112-124.
    4. Fonseka, M.M. & Colombage, Sisira R.N. & Tian, Gao-Liang, 2014. "Effects of regulator's announcements, information asymmetry and ownership changes on private equity placements: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 29(C), pages 126-149.

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