Liquidity Cost and Market Reaction: An Examination of the Chinese Split Share Restructure Reform
By analyzing the world”s largest population of restricted stocks,namely the non-tradable shares of Chinese stock market and also by examining the implement of the corresponding Split Share Restructure Reform started from 2005,this paper intends to empirically investigate how valuable the trading constraints are and the benefits of the removal of finance frictions in the long run.Since the split share structure reform in China is a unique event around the world,few literature can be found on this kind of stock market reform.There are two main research areas that would be addressed in this research,namely 1) market reaction to the reform in the long run and 2) the role of institutional ownership in the reform.
Lanlan Liu
Nottingham Business School
国内会议
北京
英文
54-56
2012-08-07（万方平台首次上网日期，不代表论文的发表时间）