| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20121 |
| 来源ID | Working Paper 20121 |
| Is the Stock Market Just a Side Show? Evidence from a Structural Reform | |
| Murillo Campello; Rafael Perez Ribas; Yan Wang | |
| 发表日期 | 2014-05-15 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | The 2005 split-share reform in China mandated the conversion of nontradable stocks into tradable status. This paper examines the effects of stock markets on corporate outcomes exploiting multiple institutional features of the Chinese conversion program. Using a generalized propensity score matching approach, we identify increases in corporate profitability, investment, value, and productivity as a result of the reform. We also identify changes in firms' likelihood to issue shares and engage in mergers, as well as changes in dividend and capital structure policies. Our findings provide insights on the role of stock markets in shaping corporate activity and on the impact of regulation on economic growth. |
| 主题 | Econometrics ; Estimation Methods ; Microeconomics ; Households and Firms ; International Economics ; International Finance ; Financial Economics ; Corporate Finance ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w20121 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577795 |
| 推荐引用方式 GB/T 7714 | Murillo Campello,Rafael Perez Ribas,Yan Wang. Is the Stock Market Just a Side Show? Evidence from a Structural Reform. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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