Short-Term Effects of Circulation of All Shares: an Empirical Study on Listed Companies

摘要：

Using standard event study method,this paper examines the impact of the reform of non-tradable shares on Chinas stock market.The empirical result indicates that shares experienced significant gains before suspension and significant losses after resumption of trading.The result is also consistent with the fact that abnormal returns are the result of stock market reaction to the reform of non-tradable shares.And there are differences among different batches of shares in the reform.This paper also discussed whether the level of consideration would exert a significant impact on share price,and denied any relationships between them.

关键词： Full circulation Share price Abnormal return rate

作者: Hui LEI Brouwers-Ren LIQIN Yixiong ZHANG

作者单位: College of Business Administration,Hunan University,P.R.China,410082 College of Business Administration,University of Twente,the Netherlands

会议类型: 国际会议

会议名称: The 2008 International Conference on Business Intelligence and Financial Engineering(BIFE 2008)(商业智能和金融工程国际会议)

会议地点: 长沙

会议语种:英文

页码: 859-863

在线出版日期: 2008-10-28（万方平台首次上网日期，不代表论文的发表时间）