Improved corporate governance and Chinese seasoned equity offering announcement effects

Chen, Xiaoyan (2015) Improved corporate governance and Chinese seasoned equity offering announcement effects. Accounting and Finance, 1-28. doi:10.1111/acfi.12152


Author Chen, Xiaoyan
Title Improved corporate governance and Chinese seasoned equity offering announcement effects
Journal name Accounting and Finance   Check publisher's open access policy
ISSN 1467-629X
0810-5391
Publication date 2015-06-26
Sub-type Article (original research)
DOI 10.1111/acfi.12152
Start page 1
End page 28
Total pages 28
Place of publication Richmond, VIC Australia
Publisher Wiley-Blackwell Publishing Asia
Collection year 2016
Language eng
Abstract Corporate governance and thus overall investor protection in China improved after the Split Share Structure Reform and the release of the new company law in 2005. This study examines the impact of improved corporate governance and investor protection on the market's reaction to seasoned equity offering (SEO) announcements in China. The market reacts to post-2005 SEOs positively, while it reacts to pre-2005 SEOs negatively. The different market reactions are attributed to the market's different perceptions of firms' intentions behind SEO decisions – that is, investors are more optimistic and have more trust in SEO issuers when they believe they are better protected.
Keyword China
Seasoned equity offering announcements
Corporate governance
The Split Share Structure Reform
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ
Additional Notes Early view of article. Published online 26 June 2015.

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2016 Collection
UQ Business School Publications
 
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