The Event Study of Split Share Structure Reform

摘要：

The split share structure has been blamed as the key culprit for Chinas stagnant stock market, and the reform is the most significant in the country after the nation set up the stock market in the 1990s. This paper use event study to test whether investor could get abnormal return during split share reform process. The empirical results indicate that is no abnormal return of the share when companies take part in the split share reform; it is different from common anticipation. Both standardized abnormal market return and cumulative total standardized abnormal market return differed significantly from zero. This paper argues although the reform is the most significant in the share market, the rational investor will not anxious to purchase the share in order to get additional share as compensation. The intrinsic value of listed company determined the price of share is gospel.

关键词： Abnormal Reform Event Study Split Share Structure Reform

作者: LI Pu ZHANG Qi

作者单位: Business School, Central South University, P.R.China, 410083

会议类型: 国际会议

会议名称: 2009 International Institute of Applied Statistics Studies(2009 国际应用统计学术研讨会)

会议地点: 青岛

会议语种:英文

页码: 1-6

在线出版日期: 2009-07-25（万方平台首次上网日期，不代表论文的发表时间）