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| Content Provider | Springer Nature Link |
|---|---|
| Author | Chu, Xiaojun |
| Copyright Year | 2016 |
| Abstract | Previous empirical evidence on the liquidity effect to the lockup expiration is mixed. A sample from Chinese listed firms is adopted and contributes to better understand this effect in emerging markets. The spread and illiquidity significantly increases around lockup expiration in China. Furthermore, the liquidity reaction to firms’ disclosure quality is explicitly related. The results confirm that higher disclosure quality is significantly associated with lower abnormal spread and illiquidity impact. The effect of lockup expiration shares on liquidity proxies differs in firm disclosure quality. Identifying the factors affecting liquidity around such events may help regulators develop policies to provide investors with greater confidence in their investments. |
| Starting Page | 81 |
| Ending Page | 89 |
| Page Count | 9 |
| File Format | |
| ISSN | 10071172 |
| Journal | Journal of Shanghai Jiaotong University (Science) |
| Volume Number | 21 |
| Issue Number | 1 |
| e-ISSN | 19958188 |
| Language | English |
| Publisher | Shanghai Jiaotong University Press |
| Publisher Date | 2016-01-22 |
| Publisher Place | Shanghai |
| Access Restriction | One Nation One Subscription (ONOS) |
| Subject Keyword | initial public offering (IPO) lockup expirations liquidity insider trading Electrical Engineering Materials Science Computer Science Architecture Life Sciences |
| Content Type | Text |
| Resource Type | Article |
| Subject | Multidisciplinary |
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