Arbeitspapier
Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings
We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999-2006, we find that firms do not use unspecified SEO proceeds on capital investment regardless of the nature of controlling shareholders. We find that if the controlling shareholder is the state, then the firm uses unspecified proceeds to stockpile cash; if the controlling shareholder is a parent state-owned enterprise, then the firm uses unspecified proceeds on retiring debt and on related party transactions.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 5198
- Klassifikation
-
Wirtschaft
Corporate Finance and Governance: General
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Firm Objectives, Organization, and Behavior: General
- Thema
-
Seasoned Equity Offerings (SEO)
use of SEO proceeds
SEO motives
controlling shareholders
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bo, Hong
Huang, Zhongnan
Sterken, Elmer
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Bo, Hong
- Huang, Zhongnan
- Sterken, Elmer
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2015
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