Discounts On Illiquid Stocks: Evidence From China

By Zhiwu Chen, Peng Xiong. 2001

138 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/c4d0270b2197c03e2f1b768eb46a18c807ae1e3f

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In Accounting

1. Michael Firth
2. Zhifeng Yang
3. Liping Xu
4. Donghui Wu
5. Gong-meng Chen
6. Y. Xin
7. Wei Huang
8. Kai Li

In Finance

1. Zhifeng Yang
2. Michael Firth
3. Kai Li
4. Yan-leung Cheung
5. Tan Wang
6. Ping Jiang
7. Cheol S. Eun
8. Y. Xin

Citations in the corpus

• Valuation in Over-the-Counter Markets (2006, unknown): “The potential for much larger price impacts in relatively less liquid OTC markets is exemplified in a study of Chinese equity prices by Chen and Xiong (2001). Certain Chinese companies have two classes of shares, one exchange traded, the other consisting of “restricted institutional shares” (RIS), w”
• Information Asymmetry and Asset Prices: Evidence from the China Foreign Share Discount (2008, background): “It should be mentioned that the information asymmetry problem in China is distinct from the illiquidity, which has been shown to be able to explain the Bshare discounts as well (for example, Chen and Xiong (2001)).”
• Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia (2005, unknown): “The relaxation of restrictions on purchase of B shares by domestic investors in February 2001 did not eliminate all premia and it remained at a level around 80%, since domestic Chinese investors have limited access to the necessary foreign currency.(11) Figure 2 also provides the number of firms use”
• China's Great Economic Transformation: China's Financial System: Past, Present, and Future (2007, unknown): “that of the Hybrid Sector from 1990 to 2004.(32) The output from the Hybrid Sector has been steadily increasing during this period and exceeded that of the other two sectors in 1998.”
• Regulations, Earnings Management, and Post-IPO Performance: The Chinese Evidence (2007, background): “While some shares may be transferred in blocks outside an exchange, block transfer prices are generally lower than market prices of tradable shares (Chen and Xiong, 2001).”
• Control Transfers, Privatization, and Corporate Performance: Efficiency Gains in China's Listed Companies (2008, methodology): “We ignore dividends as only one-quarter of firms pay dividends and the average dividend yield (of those firms paying dividends) is 0.72% (Chen and Xiong (2001)).”
• Asset Pricing in China's Domestic Stock Markets: Is There a Logic? (2007, background): “Chen and Xiong (2001) examine the differential pricing between the public A-”
• Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China (2011, methodology): “To estimate Equation (3), we assume the value of non-tradable shares (PN) to be either the net asset value per share (Compensation RatioB) or at 20% of the value of tradable shares according to Chen and Xiong (2001) (Compensation RatioC).”