Gate Fees: The Pervasive Effect of IPO Restrictions on Chinese Equity Markets

From 2007 to 2020, unlisted Chinese firms paid an average of over US $500 million to listed firms for their shell value in reverse merger transactions. We show that this large shadow price for a public listing sheds light on other features of Chinese markets, including (i) near-zero mortality rates,...

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Veröffentlicht in:	Review of Finance 2023-05, Vol.27 (3), p.809-849
Hauptverfasser:	Lee, Charles M C, Qu, Yuanyu, Shen, Tao
Format:	Artikel
Sprache:	eng
Online-Zugang:	Volltext
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