Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/65778
Title: | The impact of foreign strategic and corporate investors on H-share IPO performance | Authors: | Brockman, P Cheng, LTW Leung, TY |
Keywords: | Corporate investor Foreign institutional investor H-shares IPO Strategic investor |
Issue Date: | 2016 | Publisher: | John Wiley & Sons | Source: | Asia-Pacific journal of financial studies, 2016, v. 45, no. 6, p. 886-915 How to cite? | Journal: | Asia-Pacific journal of financial studies | Abstract: | Since 1993, foreign institutional investors (strategic and corporate) have been permitted to invest in Chinese companies listed in Hong Kong as H-shares. We examine the impact of strategic and corporate investors on H-shares before, during, and after their IPOs. We observe that strategic and corporate investors select their investment candidates based on specific pre-IPO firm characteristics. The certification effect of corporate investors generates a significantly positive effect on outside investor demand. In addition, the presence of foreign institutional investors, particularly strategic investors, and post-IPO performance are positively related. Overall, we document a positive effect of foreign institutional investors on H-firms. | URI: | http://hdl.handle.net/10397/65778 | EISSN: | 2041-6156 | DOI: | 10.1111/ajfs.12156 |
Appears in Collections: | Journal/Magazine Article |
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