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Private Placement of Public Equity in China

2014-04-21 Business & Economics
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Release : 2014-04-21
Genre : Business & Economics
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Book Rating : 932/5 ( reviews)

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Book Synopsis Private Placement of Public Equity in China by : Pengcheng Song

Download or read book Private Placement of Public Equity in China written by Pengcheng Song. This book was released on 2014-04-21. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Invisible Hand and Helping Hand

2018
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Release : 2018
Genre :
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Book Synopsis Invisible Hand and Helping Hand by : G. Nathan Dong

Download or read book Invisible Hand and Helping Hand written by G. Nathan Dong. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: In this study of private equity placements (PEPs) in China, we find that Chinese firms' PEPs are issued at a substantial discount and have positive announcement period returns, which is consistent with previous studies using data mainly from the United States and Europe. However, there is a long-term outperformance by PEP-issuing firms, and such long-term abnormal return is even higher when controlling shareholders participate in the deal and the externally raised capital is allocated to asset restructuring and M&A. We further show that firms approved for private placements are financially stronger than those rejected by regulatory authorities. In addition to the benefits accruing to investors, investment efficiency is improved after private placements, especially in firms that had financial constraints to begin with. Overall the evidence suggests that the policy preferences of market regulators influence the allocation of capital to the corporate sector.

Private Placement of Public Equity in China as a Channel of Tunneling and Its Wealth Effects

2012 Private investments in public equity
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Release : 2012
Genre : Private investments in public equity
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Book Synopsis Private Placement of Public Equity in China as a Channel of Tunneling and Its Wealth Effects by : Pengcheng Song

Download or read book Private Placement of Public Equity in China as a Channel of Tunneling and Its Wealth Effects written by Pengcheng Song. This book was released on 2012. Available in PDF, EPUB and Kindle. Book excerpt:

Private Placement of Public Equity in China as a Channel of Tunneling and Its Wealth Effects

2012 Private investments in public equity
Download Private Placement of Public Equity in China as a Channel of Tunneling and Its Wealth Effects PDF Online Free

Author :
Release : 2012
Genre : Private investments in public equity
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Private Placement of Public Equity in China as a Channel of Tunneling and Its Wealth Effects by : Pengcheng Song

Download or read book Private Placement of Public Equity in China as a Channel of Tunneling and Its Wealth Effects written by Pengcheng Song. This book was released on 2012. Available in PDF, EPUB and Kindle. Book excerpt:

Private Equity in China. The struggle for China's private equity market supremacy between foreign and domestic market participants

2018-09-04 Business & Economics
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Release : 2018-09-04
Genre : Business & Economics
Kind : eBook
Book Rating : 191/5 ( reviews)

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Book Synopsis Private Equity in China. The struggle for China's private equity market supremacy between foreign and domestic market participants by : Johannes Gmeiner

Download or read book Private Equity in China. The struggle for China's private equity market supremacy between foreign and domestic market participants written by Johannes Gmeiner. This book was released on 2018-09-04. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2016 in the subject Economics - International Economic Relations, grade: 1,3, University of Würzburg, language: English, abstract: 2014 has been a year for the record books concerning private equity. Global investment exits through initial public offerings accumulated two trillion US dollar and about 500 billion US dollar have been collected in private equity funds for future investments. These impressive numbers show how important private equity has become in the international financial sector and China has evolved to one of the biggest private equity markets in the world. This raises the question of who is in power in the Chinese market? Giants like Goldman Sachs, Blackstone or Carlyle dominate the international market. So how are the domestic Chinese private equity firms doing? When China first heard of private equity in the early-1990s, it was already one of the biggest investment markets in the West, mainly in America. Hence, American companies had nearly no competitors in China and made fortunes in this recently opened market. Nevertheless, domestic firms developed quickly and challenged foreign companies to a duel. This paper will be divided into two parts, firstly it will show the development of Chinese and foreign private equity companies and their shares on the Chinese market. The second part then will try to give an impression on possible reasons for the mentioned development. There won’t be any further explanations about private equity given in this paper, only if they are needed for deeper understanding of the context. However specific knowledge about private equity will not be needed since it won’t discuss specific features of it in detail. The aim of this paper is to answer the questions about how the market developed and the possible reasons for this.

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