Split share structure reform and earnings informativeness in China
نویسندگان
چکیده
منابع مشابه
Board structure and the informativeness of earnings
This study draws on prior research on corporate governance and examines whether the informativeness of earnings, proxied by the earnings±returns relationship, varies with the fraction of outside directors serving on the board and board size. The results suggest that earnings of ®rms with the smallest boards in the sample (with a minimum of ®ve board members) are perceived as being more informat...
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We compare the impact of mandatory against voluntary ownership transfer on stock price informativeness using the unique research setting provided by the Split Share Structure Reform in China. Ownership transfers from state to private entity are expected to improve corporate governance, which in turn reduce managerial incentives to withhold value-relevant information to outside investor. However...
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Article history: Received 17 June 2013 Received in revised form 9 December 2013 Accepted 8 April 2014 Available online 29 October 2014 Using data on China's split-share structure reform that floats non-tradable shares, we find that Qualified Foreign Institutional Investors (QFIIs) have greater influence over the controlling state shareholders than localmutual funds. QFIIs are less prone to poli...
متن کاملThe informativeness of earnings and management’s issuance of earnings forecasts
Theory suggests that managers issue earnings forecasts to reduce information asymmetry. An earnings forecast is more effective in reducing information asymmetry if it contains earnings news that is relatively more informative about the firm’s value. We hypothesize that a manager is more likely to issue an earnings forecast if investors perceive that earnings are more informative. We measure ear...
متن کاملEmpirical Study on the Preference of Shareholding of Institutional Investors after Split Share Structure Reform
Since the 1960s, rapid development of institutional investors is a prominent feature of global financial market. In china, full circulation of stock will realize after the completion of Split Share Structure Reform. Under the circumstance of institutional investors holding a large scale of stock, will they change their invest style? Whether they place more emphasis on value investment and conce...
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ژورنال
عنوان ژورنال: Corporate Ownership and Control
سال: 2012
ISSN: 1810-3057,1727-9232
DOI: 10.22495/cocv10i1c5art2