{"product_id":"private-placement-of-public-equity-in-china-von-pengcheng-song","title":"Private Placement of Public Equity in China","description":"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.\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783642550928\"\u003e\u003ch3\u003e\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783642550928","offer_id":39427924688989,"sku":"9783642550928","price":53.49,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/d0a93a44-52e2-4476-83ed-3b09a96f5624.jpg?v=1775712640","url":"https:\/\/shop.autorenwelt.de\/products\/private-placement-of-public-equity-in-china-von-pengcheng-song","provider":"Autorenwelt Shop","version":"1.0","type":"link"}