The Nontradable Share Reform in the Chinese Stock Market
作者： Andrea Beltratti , Bernardo Bortolotti
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摘要: An unparalleled feature ownership structures in China is the presence of non tradable shares (NTS). NTS represented a major hurdle to domestic financial market development for its negative effects on liquidity and transparency. After some failed attempts, 2005 Chinese authorities have launched structural reform program aiming at eliminating NTS. In this paper, we evaluate stock price actual implementation 368 firms. The generated statistically significant 8 percent positive abnormal return over event window, adjusting prices compensation requested by shareholders. Results are consistent with expectation improved economic fundamentals such as better corporate governance enhanced liquidity.
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