Abstract
We study the relation between the non-tradable shares reform and the refinancing preferences. From the viewpoints of change in market and policy environments led by the reform, we find that right issues dominate before the reform, however, public offerings (including private placement) dominate after reform, which could be attributed to more money encirclement induced by the shift of the public offering mechanism from in discount to in premium after reform and no requirements for large shareholders’ participation commitments in public offerings.
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Chai, Y., Liu, B. (2010). Where Would Refinancing Preferences Go?. In: Chen, B. (eds) Algorithmic Aspects in Information and Management. AAIM 2010. Lecture Notes in Computer Science, vol 6124. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-14355-7_8
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DOI: https://doi.org/10.1007/978-3-642-14355-7_8
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-14354-0
Online ISBN: 978-3-642-14355-7
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