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Equity transfers and market reactions: Evidence from Chinese stock markets

Kling, Gerhard and Gao, Lei (2008) Equity transfers and market reactions: Evidence from Chinese stock markets Journal of Emerging Market Finance, 7, (3), pp. 293-308. (doi:10.1177/097265270800700304).

Record type: Article


Our logit models explain positive or negative short–term market reactions due to equity transfers in China. In contrast to former studies, we classify transfers into private transactions, privatisations, transfers among state–owned enterprises (SOEs) and nationalisations. We control for uncompensated transactions, transfers of holding rights, replacements of the CEO and related party transactions. Privatisations trig–ger positive responses, whereas nationalisations cause declining stock prices. The market appreciates reforms in the state–owned sector if reorganisations include the transfer of holding rights and not just replacing the CEO. Uncompensated transfers and non–transparent transactions of related parties diminish gains for minority shareholder

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Published date: December 2008


Local EPrints ID: 165719
ISSN: 0972-6527
PURE UUID: aef5df42-2742-42dd-814a-697af418fb0e

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Date deposited: 19 Oct 2010 14:43
Last modified: 18 Jul 2017 12:27

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Author: Gerhard Kling
Author: Lei Gao

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