{"product_id":"private-placement-of-public-equity-in-china-9783642550928","title":"Private Placement of Public Equity in China","description":"\u003cp\u003e • Author(s): Pengcheng Song\u003cbr\u003e • Publisher: Springer\u003cbr\u003e • Publisher Imprint: Springer\u003cbr\u003e • BISAC: Finance - General\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eBy 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.\u003c\/p\u003e","brand":"Springer","offers":[{"title":"Paperback","offer_id":45280293716119,"sku":"9783642550928","price":3672.0,"currency_code":"INR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0666\/3471\/1191\/files\/9783642550928.webp?v=1769295912","url":"https:\/\/atlanticbooks.com\/products\/private-placement-of-public-equity-in-china-9783642550928","provider":"Atlantic Books","version":"1.0","type":"link"}