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10月18日商学院学术沙龙——安云碧:Price inversion and post lock-in period returns in private equity placements in China

讲座题目:Price inversion and post lock-in period returns in private equity placements in China

主讲嘉宾:安云碧

时 间: 10月18日(星期三)14:45—16:45

地 点:商学院401室

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江南大学商学院

2017年10月17日

主讲嘉宾简介:

安云碧,加拿大皇后大学金融学博士,现任加拿大温莎大学Odette商学院金融学教授。其主要研究领域包括衍生产品定价,资产组合选择及风险管理等。曾在Financial Management, Journal of Banking and Finance, Journal of International Money and Finance, Journal of Futures Markets,The Quarterly Review of Economics and Finance和Pacific-Basin Finance Journal等国际期刊发表论文。多次受邀参加EFMA、EFA、MFA、以及NFA等举办的金融学年会。

沙龙主要内容:

This paper investigates the mechanism that drives the price dynamics for privately-placed stocks with price inversion, their unlock-date price lower than the issuing price. Using a sample of Chinese companies that placed equity privately with lock-in periods ending between 2007 and 2015, we find that stocks with price inversion generate higher short-term returns after the lock-in period than other stocks, and the greater the degree of price inversion, the better the short-term returns post the lock-in period. This anomaly cannot be explained by the price reversal effect, investors’ under-reaction to the companies’ prospects, or the improved governance after private equity placements. Rather, it reflects the interests transferred by issuing firms to participating investors, given the unique regulations on private equity placements in China. Interests transfer is particularly pronounced if local investors are involved in a private placement. Additionally, the better the corporate governance, the lower the degree of interests transfer.