Political connections and the long-term stock performance of Chinese IPOs

Jianlei Liu, Konari Uchida*, Ruidong Gao

*この研究の対応する著者

    研究成果: Article査読

    30 被引用数 (Scopus)

    抄録

    We analyse the long-term stock performance of Chinese initial public offerings (IPOs) between the years of 2000 and 2007. The results reveal that firms with political connections experience better long-term stock performance. Our results suggest that the abolition of the Issuance Quota System and Channel Restriction System has a negative influence on the long-term performance of IPOs. This evidence is consistent with the view that local government officials are likely to select politically connected companies to go public.

    本文言語English
    ページ(範囲)814-833
    ページ数20
    ジャーナルJournal of International Financial Markets, Institutions and Money
    22
    4
    DOI
    出版ステータスPublished - 2012

    ASJC Scopus subject areas

    • 経済学、計量経済学
    • 財務

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