Bait and switch: how do Chinese firms use proceeds from seasoned equity offerings
We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999 - 2006, we find that firms do not use unspecified SEO proceeds on cap...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
München
CESifo
2015
|
| Schriftenreihe: | CESifo working paper
5198 : Category 1, Industrial organisation |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999 - 2006, we find that firms do not use unspecified SEO proceeds on capital investment regardless of the nature of controlling shareholders. We find that if the controlling shareholder is the state, then the firm uses unspecified proceeds to stockpile cash; if the controlling shareholder is a parent state-owned enterprise, then the firm uses unspecified proceeds on retiring debt and on related party transactions. |
| Beschreibung: | 1 Online-Ressource (41 S.) |
| Format: | . - Acrobat Reader |
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| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:12:45Z |
| institution | BVB |
| language | English |
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| publishDate | 2015 |
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| publisher | CESifo |
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| series | CESifo working paper |
| series2 | CESifo working paper |
| spelling | Bo, Hong 1965- Verfasser (DE-588)171771818 aut Bait and switch how do Chinese firms use proceeds from seasoned equity offerings Hong Bo ; Zhongnan Huang ; Elmer Sterken München CESifo 2015 1 Online-Ressource (41 S.) txt rdacontent c rdamedia cr rdacarrier CESifo working paper 5198 : Category 1, Industrial organisation We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999 - 2006, we find that firms do not use unspecified SEO proceeds on capital investment regardless of the nature of controlling shareholders. We find that if the controlling shareholder is the state, then the firm uses unspecified proceeds to stockpile cash; if the controlling shareholder is a parent state-owned enterprise, then the firm uses unspecified proceeds on retiring debt and on related party transactions. . - Acrobat Reader Huang, Zhongnan Verfasser (DE-588)101443792X aut Sterken, Elmer 1961- Verfasser (DE-588)170425851 aut CESifo working paper 5198 : Category 1, Industrial organisation (DE-604)BV014083264 5198 https://www.cesifo.org/DocDL/cesifo1_wp5198.pdf Verlag kostenfrei Volltext |
| spellingShingle | Bo, Hong 1965- Huang, Zhongnan Sterken, Elmer 1961- Bait and switch how do Chinese firms use proceeds from seasoned equity offerings CESifo working paper |
| title | Bait and switch how do Chinese firms use proceeds from seasoned equity offerings |
| title_auth | Bait and switch how do Chinese firms use proceeds from seasoned equity offerings |
| title_exact_search | Bait and switch how do Chinese firms use proceeds from seasoned equity offerings |
| title_full | Bait and switch how do Chinese firms use proceeds from seasoned equity offerings Hong Bo ; Zhongnan Huang ; Elmer Sterken |
| title_fullStr | Bait and switch how do Chinese firms use proceeds from seasoned equity offerings Hong Bo ; Zhongnan Huang ; Elmer Sterken |
| title_full_unstemmed | Bait and switch how do Chinese firms use proceeds from seasoned equity offerings Hong Bo ; Zhongnan Huang ; Elmer Sterken |
| title_short | Bait and switch |
| title_sort | bait and switch how do chinese firms use proceeds from seasoned equity offerings |
| title_sub | how do Chinese firms use proceeds from seasoned equity offerings |
| url | https://www.cesifo.org/DocDL/cesifo1_wp5198.pdf |
| volume_link | (DE-604)BV014083264 |
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