Share pledging for seasoned equity offerings? Evidence from China

We investigate an unexplored channel through which pledged loans are exploited by the most influential firm insiders in China. Specifically, we document a significant and positive relationship between net pledging by the largest shareholder before a seasoned equity offering and her cash subscription...

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Published in:Applied economics letters 2023-05, Vol.30 (9), p.1244-1247
Main Authors: Liu, Desu, Fang, Ziqiao
Format: Article
Language:English
Subjects:
Economic analysis
Economic theory
Economics
largest shareholders
Loans
seasoned equity offering
Share pledging
Stockholders
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description We investigate an unexplored channel through which pledged loans are exploited by the most influential firm insiders in China. Specifically, we document a significant and positive relationship between net pledging by the largest shareholder before a seasoned equity offering and her cash subscription to that very offering.
doi_str_mv 10.1080/13504851.2022.2044008
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ispartof Applied economics letters, 2023-05, Vol.30 (9), p.1244-1247
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1466-4291
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source EconLit s plnými texty; International Bibliography of the Social Sciences (IBSS); Taylor & Francis; BSC - Ebsco (Business Source Ultimate)
subjects Economic analysis
Economic theory
Economics
largest shareholders
Loans
seasoned equity offering
Share pledging
Stockholders
title Share pledging for seasoned equity offerings? Evidence from China
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