02998nam 22005775 450 991029854340332120200920033220.03-642-55093-210.1007/978-3-642-55093-5(CKB)2560000000149024(EBL)1731302(OCoLC)884014026(SSID)ssj0001205026(PQKBManifestationID)11798934(PQKBTitleCode)TC0001205026(PQKBWorkID)11191621(PQKB)10780226(MiAaPQ)EBC1731302(DE-He213)978-3-642-55093-5(PPN)178319708(EXLCZ)99256000000014902420140421d2014 u| 0engur|n|---|||||txtccrPrivate Placement of Public Equity in China /by Pengcheng Song1st ed. 2014.Berlin, Heidelberg :Springer Berlin Heidelberg :Imprint: Springer,2014.1 online resource (91 p.)SpringerBriefs in Finance,2193-1720Description based upon print version of record.3-642-55092-4 Includes bibliographical references and index.Introduction -- Literature Review -- Choice of the Issuing Firm and Its Controlling Shareholder -- Determinants of Private Placement Discount -- Announcement Effect -- Long-term Performance of Private Placements in China -- Conclusion: from the Perspective of Interest Parties.By retrieving entries from the financial-data vendor Wind and collecting relevant data from private placement statements, the author builds a proprietary database and studies five aspects of private placement in China. He examines which listed firms are more likely to choose private placement over SEO in refinancing; he looks into the controlling shareholder’s decision on whether or not to purchase privately placed shares; he investigates how the offer discount is determined; he calculates announcement periods for abnormal returns on private placements. Where the abnormal return is significantly positive, he documents positive long-run abnormal return on private offerings and evidence supporting the under-reaction hypothesis. Finally, he concludes that the largest shareholders tunnel by means of excess discounts from which they benefit but which is harmful to other shareholders.SpringerBriefs in Finance,2193-1720FinanceFinance, generalhttps://scigraph.springernature.com/ontologies/product-market-codes/600000Finance.Finance, general.332.6320951Song Pengchengauthttp://id.loc.gov/vocabulary/relators/aut1059981MiAaPQMiAaPQMiAaPQBOOK9910298543403321Private Placement of Public Equity in China2510040UNINA