G2TT
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
URLhttps://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.
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