This study examines the relation between state ownership and the performance of Chinese listed companies during the period 2002-2004. Results confirm that higher levels of direct state ownership have a negative, significant impact on market performance (Tobin’s Q) but not on operating...

The article examines share allocation practices of over 300 initial public offerings (IPOs) in Hong Kong during the years immediately following the enacting of a ‘Claw-Back’ provision for IPO share reallocation. The examination of exhaustive micro-level data reveals that small (uninformed,...

Published research that seeks to find the determinants of capital ratios does not distinguish between operational and other influences and presents inconsistent and opaque results. This paper rectifies previous findings, incorporating in the modelling methods a more accurate insight into how...

The Split Share Structure reform may be the final episode in the measured process of privatization of Chinese companies. The reform was started in May 2005 with the object of re-designating state-held shares into tradable shares. By the end of 2008, almost all of such shares had indeed become...

The majority of the empirical literature on initial public offerings (IPOs) concentrates on the impact of newly listed companies' characteristics on the initial return. It is implicitly assumed that investors act only in accordance with the information they have collected before the application...

This study examines the first-day returns of initial public offerings listed on the Growth Enterprise Market (GEM) of Hong Kong from its inception until the year of 2005. Results show that GEM, operating under a relaxed set of listing requirements, exhibits a higher underpricing level than that...