We examine characteristics associated with the probability of Chinese companies being block trade targets. We find that the probability decreases once a company has completed its split-share structure reform, and thereby, substantially decreases non-publicly tradable shares. Accordingly, block...

We examine characteristics associated with the probability of Chinese companies being block trade targets. We find that the proportion of non-publicly tradable shares over total outstanding shares is positively related to the probability of firms being block trade targets before the split-share...

We investigate the stock price performance of companies that become a block trade target in China where unique institutional characteristics exist. As with US evidence, stock prices of target companies positively react to the announcement of block trades. The positive effect of block trades...

We find that Chinese CEOs with foreign experience tend to engage less in related-party transactions. This result holds through various analyses, including firm-fixed effects model estimations, propensity score matching, and instrumental variable regressions. The effect of CEO foreign experience...

We investigate earnings management of state-owned enterprises (SOEs) being a block trade target in China. Some block trades transfer control rights of SOEs to private parties (STP transactions) while others sell shares to another SOE (STS transactions). We find that SOEs manage earnings more...

We investigated the relationship between changes in cash dividend payments, non-public tradable shares, and the percentage ownership of the controlling shareholder in Chinese firms before and after the split-share structure reform. We found a significant reduction in cash dividends before and...

Chinese data enable investigation of the relationship between underpricing of initial public offerings (IPOs) and legal protection with controlling for time-invariant characteristics of regions. Our investigation of Chinese IPOs between 1997 and 2009 shows that firms from a province with more...

We find that Chinese state-owned enterprises (SOEs) that performed poorly before the global financial crisis performed better during the crisis, especially when they relied on bank debt. This suggests that state ownership mitigates financial constraints during times of financial crisis. Large...