Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China

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China's Secondary Privatization: Perspectives from the Split-Share Structure Reform (2014, neutral): “Li et al. (2011) report that the average (median) value of consideration, measured as the number of shares transferred to the tradable shareholders”
The Real and Accrual-based Earnings Management Behaviors: Evidence from the Split Share Structure Reform in China (2014, background): “The stock price movement had little impact on the value of NTS, and therefore there was very little incentive for controlling NTS shareholders to improve firms' operating performance and to maximize market based TS value (Chen, Firth, Xin, & Xu, 2008; Li et al., 2011).”
The Development of China's Stock Market and Stakes for the Global Economy (2017, background): “As Li et al. (2011) and Liao, Liu & Wang (2014) explain, regulators and investors had become increasingly aware of problems created by the split-share ownership structure, which weakened minority shareholder protection and stifled the market for corporate control.”