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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
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.
EISSN: 2041-6156
DOI: 10.1111/ajfs.12156
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