| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| The Nontradable Share Reform in the Chinese Stock Market | |
| Bernardo Bortolotti; Andrea Beltratti | |
| 发表日期 | 2006 |
| 出处 | Economy and Society |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Nontradable shares (NTS) are an unparalleled feature of the ownership structure of Chinese listed companies and represented a major hurdle to domestic financial market development. After some failed attempts, in 2005 the Chinese authorities have launched a structural reform program aiming at eliminating NTS. In this paper, we evaluate the stock price effects of the actual implementation of this reform in 368 firms. The NTS reform generated a statistically significant 8 percent positive abnormal return over the event window, adjusting prices for the compensation requested by tradable shareholders. Results are consistent with the expectation of improved economic fundamentals such as better corporate governance and enhanced liquidity |
| 特色分类 | G14,G28,G32 |
| 关键词 | Chinese Equity Market,Financial Market Development,Split-Share Structure |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/the-nontradable-share-reform-in-the-chinese-stock-market/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117394 |
| 推荐引用方式 GB/T 7714 | Bernardo Bortolotti,Andrea Beltratti. The Nontradable Share Reform in the Chinese Stock Market. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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