We show that the split share structure reform was beneficial for small stocks, stocks characterized by historically poor returns, stocks issued by companies with low transparency and weak governance, and for less liquid stocks. The reform laid down the conditions for important future changes in ownership, liquidity and corporate governance in China.
The stock market reaction to the 2005 split share structure reform in China
BELTRATTI, ANDREA;B. Bortolotti;
2012
Abstract
We show that the split share structure reform was beneficial for small stocks, stocks characterized by historically poor returns, stocks issued by companies with low transparency and weak governance, and for less liquid stocks. The reform laid down the conditions for important future changes in ownership, liquidity and corporate governance in China.
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