Valuation of restricted shares: Evidence from the split share structure reform in China

Jinlou Zhao; Yifei Cheng; Lanlan Liu

doi:10.1109/BIFE.2012.84

Valuation of restricted shares: Evidence from the split share structure reform in China

Jinlou Zhao^*, Yifei Cheng, Lanlan Liu

^*Corresponding author for this work

Research output: Chapter in Book or Report/Conference proceeding › Conference Proceeding › peer-review

Abstract

In order to test and evaluate the influence of split share structure reform, an event study model is used in this paper. By introducing the unique characteristics of Chinese split share structure and the reform on 29th April, 2005, the CAR (cumulative abnormal returns) model can rationally explain the positive and negative effects of the reform around and after announcement. This paper provides the theoretical foundation of possible influence of the reform, identifying the potential fundamental factors. The role of structure ownership (state and institutional investors) in corporate governance by examining the differences in the payment of compensation would be the further study.

Original language	English
Title of host publication	Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012
Pages	370-373
Number of pages	4
DOIs	https://doi.org/10.1109/BIFE.2012.84
Publication status	Published - 2012
Externally published	Yes
Event	2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012 - Lanzhou, Gansu, China Duration: 18 Aug 2012 → 21 Aug 2012

Publication series

Name	Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012

Conference

Conference	2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012
Country/Territory	China
City	Lanzhou, Gansu
Period	18/08/12 → 21/08/12

Keywords

Event study
Privatization
Split share structre

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10.1109/BIFE.2012.84

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Zhao, J., Cheng, Y., & Liu, L. (2012). Valuation of restricted shares: Evidence from the split share structure reform in China. In Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012 (pp. 370-373). Article 6305147 (Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012). https://doi.org/10.1109/BIFE.2012.84

Zhao, Jinlou ; Cheng, Yifei ; Liu, Lanlan. / Valuation of restricted shares : Evidence from the split share structure reform in China. Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012. 2012. pp. 370-373 (Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012).

@inproceedings{704928e563d74c1494cfc2d018e31a52,

title = "Valuation of restricted shares: Evidence from the split share structure reform in China",

abstract = "In order to test and evaluate the influence of split share structure reform, an event study model is used in this paper. By introducing the unique characteristics of Chinese split share structure and the reform on 29th April, 2005, the CAR (cumulative abnormal returns) model can rationally explain the positive and negative effects of the reform around and after announcement. This paper provides the theoretical foundation of possible influence of the reform, identifying the potential fundamental factors. The role of structure ownership (state and institutional investors) in corporate governance by examining the differences in the payment of compensation would be the further study.",

keywords = "Event study, Privatization, Split share structre",

author = "Jinlou Zhao and Yifei Cheng and Lanlan Liu",

year = "2012",

doi = "10.1109/BIFE.2012.84",

language = "English",

isbn = "9780769547503",

series = "Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012",

pages = "370--373",

booktitle = "Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012",

note = "2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012 ; Conference date: 18-08-2012 Through 21-08-2012",

}

Zhao, J, Cheng, Y & Liu, L 2012, Valuation of restricted shares: Evidence from the split share structure reform in China. in Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012., 6305147, Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012, pp. 370-373, 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012, Lanzhou, Gansu, China, 18/08/12. https://doi.org/10.1109/BIFE.2012.84

Valuation of restricted shares: Evidence from the split share structure reform in China. / Zhao, Jinlou; Cheng, Yifei; Liu, Lanlan.
Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012. 2012. p. 370-373 6305147 (Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012).

Research output: Chapter in Book or Report/Conference proceeding › Conference Proceeding › peer-review

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T1 - Valuation of restricted shares

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AU - Zhao, Jinlou

AU - Cheng, Yifei

AU - Liu, Lanlan

PY - 2012

Y1 - 2012

N2 - In order to test and evaluate the influence of split share structure reform, an event study model is used in this paper. By introducing the unique characteristics of Chinese split share structure and the reform on 29th April, 2005, the CAR (cumulative abnormal returns) model can rationally explain the positive and negative effects of the reform around and after announcement. This paper provides the theoretical foundation of possible influence of the reform, identifying the potential fundamental factors. The role of structure ownership (state and institutional investors) in corporate governance by examining the differences in the payment of compensation would be the further study.

AB - In order to test and evaluate the influence of split share structure reform, an event study model is used in this paper. By introducing the unique characteristics of Chinese split share structure and the reform on 29th April, 2005, the CAR (cumulative abnormal returns) model can rationally explain the positive and negative effects of the reform around and after announcement. This paper provides the theoretical foundation of possible influence of the reform, identifying the potential fundamental factors. The role of structure ownership (state and institutional investors) in corporate governance by examining the differences in the payment of compensation would be the further study.

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KW - Privatization

KW - Split share structre

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U2 - 10.1109/BIFE.2012.84

DO - 10.1109/BIFE.2012.84

M3 - Conference Proceeding

AN - SCOPUS:84868151803

SN - 9780769547503

T3 - Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012

SP - 370

EP - 373

BT - Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012

Y2 - 18 August 2012 through 21 August 2012

ER -

Zhao J, Cheng Y, Liu L. Valuation of restricted shares: Evidence from the split share structure reform in China. In Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012. 2012. p. 370-373. 6305147. (Proceedings of the 2012 5th International Conference on Business Intelligence and Financial Engineering, BIFE 2012). doi: 10.1109/BIFE.2012.84

Valuation of restricted shares: Evidence from the split share structure reform in China

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