We investigate why the Chinese government chooses to perform share issue privatization (SIP) of its state-owned enterprises (SOEs) in Hong Kong, despite the benefit of facilitating the domestic stock market development if performing SIP in China (Subrahmanyam and Titman, 1999) and the higher...

We study the partial privatization of 53 Chinese state-owned enterprises (by their listings on the Hong Kong Exchange over the period July 1993 to December 2002. We find that listing has led to a median increase of 70% in real net profits, 80% in real sales, 50% in capital spending, and a mild...

As the first comprehensive study on privatization in Malaysia, this paper compares financial and operating performance of a sample of 24 firms before and after privatization. The 24 firms were privatized via public listing on the Malaysian exchange -. Measures that improve following...

The existing literature on the trade news effect on asset prices generally looks at exchange rates and stock market indexes. We focus on individual stocks: the U.S. and Japanese “Big Three” automobile stocks. We examine Japanese automobile American Depositary Receipts (ADRs), not the stocks...

We use a time-series GARCH framework with the conditional variance/covariance as proxies for systematic risk to reexamine the proposition by Rozeff and Kinney (1976) and Rogalski and Tinic (1986) that the January effect may be a phenomenon of risk compensation in the month. We find no clear...