The Dissimilation of Announcement Effects of Private Placement between Bull and Bear Markets -An Empirical Research in Chinese Stock Market
In this paper, we investigate the dissimilation of announcement effects of private placement between bull and bear markets by taking these public corporations of announcing private placement from 2006 to 2008 as sampled corporations. We can disclose the following phenomena: in the bull stock market, the significant announcement effect can only be showed in the announcement day whereas it can be significantly showed during the whole process including pre-and post-announcement day in the bear stock market. The relationship in the different stock market surroundings between the effects of announcement and price discount will be significantly different and the announcement effects will be lessened with the increasing of discount whereas it will be swelled in the bull stock market surroundings. In last, some theoretic interpretations will be given according to investor sentiment and the corresponding revelations.
private placement announcement effect stock market circle bull market bear-market
Jing Yu Bin Xu
Research Center on Fictitious Economy & Data Science,CAS, P.R.China,Beijing,100190 School of Accountancy,Central University of Finance & Economic P.R.China, Beijing, 100081
国际会议
成都
英文
558-562
2010-07-09(万方平台首次上网日期,不代表论文的发表时间)