Rights Issues in the Chinese Stock Market: Evidence of Earnings Management
Publication in refereed journal


香港中文大学研究人员 ( 现职)

梁伟坚教授 (酒店及旅游管理学院)

全文

数位物件识别号 (DOI) http://dx.doi.org/10.1111/j.1467-646X.2008.01019.x

引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/4WOS source URL

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摘要Using 665 rights offerings of Chinese firms, we demonstrate positive but diminishing price effects of successive announcements at the board meeting, the shareholders' meeting, the prospectus release date, and the ex-rights date, but negative abnormal returns before the ex-rights date. Public investors value the participation from shareholders of state and legal-person shares in the rights offerings, which seem to be linked to the future firm performance. The results overall supports the hypothesis that Chinese company earnings are considerably manipulated in the rights issue process.

着者Fung HG, Leung WK, Zhu JA
期刊名称Journal of International Financial Management and Accounting
详细描述Published in association with New York University's Stern School of Business, Salomon Center .
出版年份2008
月份6
日期1
卷号19
期次2
出版社WILEY-BLACKWELL
页次133 - 160
国际标準期刊号095http://aims.cuhk.edu.hk/converis/portal/Publication/4-131http://aims.cuhk.edu.hk/converis/portal/Publication/4
语言英式英语

Web of Science 学科类别Business & Economics; Business, Finance; BUSINESS, FINANCE