2017
DOI: 10.1080/1540496x.2017.1307103
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Dual-Class Firms: Evidence from IPOs of Chinese Firms Cross-Listed on US Exchanges

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Cited by 11 publications
(6 citation statements)
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“…Our paper goes beyond these studies by including when a firm goes public in AIM with unique size and nationality, underwriters have little information beyond traditional valuation methods employed in the technique where a supposedly comparable firm is analyzed as a surrogate for the listing firm. The statistical incidence of mispricing in the AIM has been documented by earlier studies (Abdullah, Jia'nan, & Shah, 2017;Acedo-Ramírez et al, 2019;Miguel Á. Acedo-Ramírez & Francisco J. Ruiz-Cabestre, 2016;Wahid, Khan, et al, 2019;Wahid et al, 2020;Zheng, 2007).…”
Section: Introductionmentioning
confidence: 74%
“…Our paper goes beyond these studies by including when a firm goes public in AIM with unique size and nationality, underwriters have little information beyond traditional valuation methods employed in the technique where a supposedly comparable firm is analyzed as a surrogate for the listing firm. The statistical incidence of mispricing in the AIM has been documented by earlier studies (Abdullah, Jia'nan, & Shah, 2017;Acedo-Ramírez et al, 2019;Miguel Á. Acedo-Ramírez & Francisco J. Ruiz-Cabestre, 2016;Wahid, Khan, et al, 2019;Wahid et al, 2020;Zheng, 2007).…”
Section: Introductionmentioning
confidence: 74%
“…It is evident from literature that those firms which possess noticeable ownership prior to IPO are most likely to choose Dualclass structure to access capital market (R. Kristian 19 ) find that inclusion of Chinese firm in the IT industry is a predictor of Chinese Dual-class firms. They propose that firms in IT industry largely rely on innovation and innovation does not produce financial benefits in short term so, in order to avoid outside pressure they adapt Dual-class structure.…”
Section: Determinants Of Dual-class Firmsmentioning
confidence: 92%
“…Recently, . 19 ) studied the sample of Chinese Dual-class firms and find that Chinese Dual-class firms are 30.42% more underpriced than Chinese single-class firms. Future researchers can investigate whether Dual-class firms face more underpricing by analyzing new Dual-class IPOs as, literature available on this dimension is relatively small and old.…”
Section: Underpricing Of Dual-class Firmsmentioning
confidence: 99%
“…Second, Alibaba's unique 'Lakeside Partners' system is similar to the dual-class ownership structure in that shareholders have different rights for the same shareholdings and the shareholdings of a small number of senior executives are associated with more control and voting rights. The dual-class structure is often used when founders foresee the growth opportunity, while they want to keep control of the company without enough capital (Abdullah, Jia'nan, and Shah 2017). The dual-class structure rendering the CEO control power is popular among innovative high-tech companies.…”
Section: Corporate Governance and Equity Structurementioning
confidence: 99%