The literature on capital structure dynamics assumes that companies trade-off the advantages of a leverage adjustment and its costs. In general, private companies are assumed to face relatively large adjustment costs, and should have lower financing flexibility. However, we argue that an...

Using data on 451 Chinese privatizations over the period 1994-2002, this paper empirically investigates the firm and stock market characteristics that detfirmine the size of the portion of new shares sold to the general public and underpricing at SIP-time. We find that poor perfirmance and...

This paper uses the framework developed by Helwege and Liang (1996) to investigate the post-listing financing decisions of 221 Chinese state-owned enterprises that were partially privatized via the stock market in 1994–1999. First, we estimate a logit panel data model to examine the decision...