Is the Stock Market Just a Side Show? Evidence from a Structural Reform
The 2005 split-share reform in China mandated the conversion of nontradable stocks into tradable status. This paper examines the effects of stock markets on corporate outcomes exploiting multiple institutional features of the Chinese conversion program. Using a generalized propensity score matching...
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| Veröffentlicht in: | The Review of Corporate Finance Studies 2014-09, Vol.3 (1-2), p.1-38 |
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| container_title | The Review of Corporate Finance Studies |
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| creator | Campello, Murillo Ribas, Rafael P. Wang, Albert Y. |
| description | The 2005 split-share reform in China mandated the conversion of nontradable stocks into tradable status. This paper examines the effects of stock markets on corporate outcomes exploiting multiple institutional features of the Chinese conversion program. Using a generalized propensity score matching approach, we identify increases in corporate profitability, investment, value, and productivity as a result of the reform. We also identify changes in firms’ likelihood to issue shares and engage in mergers, as well as changes in dividend and capital structure policies. Our findings provide insights on the role of stock markets in shaping corporate activity and on the impact of regulation on economic growth. (JEL G31, C21, O16, D21) |
| doi_str_mv | 10.1093/rcfs/cfu006 |
| format | Article |
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| identifier | ISSN: 2046-9128 |
| ispartof | The Review of Corporate Finance Studies, 2014-09, Vol.3 (1-2), p.1-38 |
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| language | eng |
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| source | EBSCOhost Business Source Complete; Oxford University Press Journals All Titles (1996-Current) |
| title | Is the Stock Market Just a Side Show? Evidence from a Structural Reform |
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