10月18日商學院學術沙龍——安雲碧：Price inversion and post lock-in period returns in private equity placements in China

講座題目：Price inversion and post lock-in period returns in private equity placements in China

主講嘉賓：安雲碧

時 間： 10月18日（星期三）14：45—16：45

地 點：商學院401室

歡迎感興趣的師生參加！

江南大學商學院

2017年10月17日

主講嘉賓簡介：

安雲碧，加拿大皇後大學金融學博士，現任加拿大溫莎大學Odette商學院金融學教授。其主要研究領域包括衍生産品定價，資産組合選擇及風險管理等。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等國際期刊發表論文。多次受邀參加EFMA、EFA、MFA、以及NFA等舉辦的金融學年會。

沙龍主要内容：

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.