The Market Reaction of marketability of trade-restricted Stock

摘要：

This paper empirically studies the market reaction of marketability of trade-restricted Stock by the event methodology. The result shows that marketability of restricted shares caused a negative market reaction. We found that firm-specific variables and stock features enormously affected the market reaction. Simultaneity, in the sample whose the cumulative abnormal return (CAR) is positive,CAR is negative correlated with ROE and positive correlated with the turnover ratio and EPS. While, in the sample whose CAR is negative, the cumulative abnormal return is negative correlated with the time from IPO to marketability of trade-restricted Stock, BP and trading volume.

关键词： Trade-Restricted Shares Marketability Market Reaction

作者: Ling Feng Renxiang Zhong

作者单位: Department of Management,University of Fu Zhou,TX:13509374891 China

会议类型: 国际会议

会议名称: International Symposium on Financial Engineering and Risk Management(2008年金融工程与风险管理)

会议地点: 上海

会议语种:英文

页码: 172-176

在线出版日期: 2008-06-01（万方平台首次上网日期，不代表论文的发表时间）