{"title":"Market-based Financing Reforms and Shareholder Valuations: event Study Evidence from the Chinese Sci-Technology Innovation Board","authors":"Yaohua Qin, He Xiao","doi":"10.1080/16081625.2021.1886950","DOIUrl":null,"url":null,"abstract":"ABSTRACT In this study, the impact of the newly introduced sci-technology innovation board (STAR) on stock valuations in China is examined. Two key event dates are addressed, the STAR guideline announcement date and applicants’ prospectus release dates. The results suggest a positive market reaction of relevant listed firms. The difference-in-differences (DID) results for the first event show a reduction in the bid-ask spreads of high-tech firms, as the new policy attracts more analyst research, particularly in-depth research. The DID results for the second event indicate that the information asymmetry for ownership-related listed firms decreases compared to firms within the same industries.","PeriodicalId":45890,"journal":{"name":"Asia-Pacific Journal of Accounting & Economics","volume":"2 1","pages":"172 - 195"},"PeriodicalIF":1.4000,"publicationDate":"2021-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia-Pacific Journal of Accounting & Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/16081625.2021.1886950","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
ABSTRACT In this study, the impact of the newly introduced sci-technology innovation board (STAR) on stock valuations in China is examined. Two key event dates are addressed, the STAR guideline announcement date and applicants’ prospectus release dates. The results suggest a positive market reaction of relevant listed firms. The difference-in-differences (DID) results for the first event show a reduction in the bid-ask spreads of high-tech firms, as the new policy attracts more analyst research, particularly in-depth research. The DID results for the second event indicate that the information asymmetry for ownership-related listed firms decreases compared to firms within the same industries.
期刊介绍：
The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.
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