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Float, Liquidity, Speculation, and Stock Prices: Evidence from the Share Structure Reform in China

Float, Liquidity, Speculation, and Stock Prices: Evidence from the Share Structure Reform in China Comments by Chao Chen Contributions A timely hot issue in China Up to date dataset Hand collecting dataset Innovative methodology

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Float, Liquidity, Speculation, and Stock Prices: Evidence from the Share Structure Reform in China

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  1. Float, Liquidity, Speculation, and Stock Prices: Evidence from the Share Structure Reform in China Comments by Chao Chen

  2. Contributions • A timely hot issue in China • Up to date dataset • Hand collecting dataset • Innovative methodology • Investigate the impact of A-share market reform on B-share market.

  3. Alternative Stories • Final sample: 309 firms out of 509 firms that have started the share restructured program by June 2006 • In addition to paying bonus shares to tradable shareholders, you may need to discuss different options used by other sample firms.

  4. Further Research Is the speculative premium related to size premium or book-to-market premium? Does the structure of controlling ownership affect the premium? The role of institutional investors during the negotiation process The matching sample bias may be a concern. Don’t ignore Chinese literature.

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