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Article
Publication date: 24 January 2019

Qingquan Xin, Ruitao Li and Sonia Wong

The purpose of this paper is to provide an introduction to the reverse mergers (RMs) conducted in the Chinese stock market by summarizing the regulatory system, surveying the…

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Abstract

Purpose

The purpose of this paper is to provide an introduction to the reverse mergers (RMs) conducted in the Chinese stock market by summarizing the regulatory system, surveying the literature on RMs and analyzing the major characteristics of 161 RM cases.

Design/methodology/approach

This paper introduces the characteristics and evolution of the regulatory framework governing RM activity in China. Then the paper reviews relevant academic studies on the RMs in China and other countries. Finally, the paper identifies and discusses the major characteristics of 161 RM cases in the Chinese stock market from 2006 to 2016.

Findings

Private companies that go public via RMs in China not only have superior asset quality but also demonstrate good accounting and stock price performance after listing, and these results are unlike those of studies on the quality of RMs in other countries.

Research limitations/implications

This paper is based on a survey of 161 RM cases in China’s stock market, with the major characteristics of the RMs being identified and analyzed. The limitations of previous studies and suggestions for further research are discussed.

Originality/value

This paper suggests that the relative superior performance of RMs in the Chinese stock market is caused by the interplay of market forces and regulatory oversight. The Chinese regulator’s pragmatic and flexible approach plays an important role in formulating regulatory policies that respond to the changing macroeconomic environment and financial markets.

Details

China Finance Review International, vol. 9 no. 1
Type: Research Article
ISSN: 2044-1398

Keywords

Available. Content available
Article
Publication date: 20 February 2019

Dongming Kong and Qingquan Xin

2122

Abstract

Details

China Finance Review International, vol. 9 no. 1
Type: Research Article
ISSN: 2044-1398

Available. Open Access. Open Access
Article
Publication date: 21 July 2020

Prajowal Manandhar, Prashanth Reddy Marpu and Zeyar Aung

We make use of the Volunteered Geographic Information (VGI) data to extract the total extent of the roads using remote sensing images. VGI data is often provided only as vector…

1513

Abstract

We make use of the Volunteered Geographic Information (VGI) data to extract the total extent of the roads using remote sensing images. VGI data is often provided only as vector data represented by lines and not as full extent. Also, high geolocation accuracy is not guaranteed and it is common to observe misalignment with the target road segments by several pixels on the images. In this work, we use the prior information provided by the VGI and extract the full road extent even if there is significant mis-registration between the VGI and the image. The method consists of image segmentation and traversal of multiple agents along available VGI information. First, we perform image segmentation, and then we traverse through the fragmented road segments using autonomous agents to obtain a complete road map in a semi-automatic way once the seed-points are defined. The road center-line in the VGI guides the process and allows us to discover and extract the full extent of the road network based on the image data. The results demonstrate the validity and good performance of the proposed method for road extraction that reflects the actual road width despite the presence of disturbances such as shadows, cars and trees which shows the efficiency of the fusion of the VGI and satellite images.

Details

Applied Computing and Informatics, vol. 17 no. 1
Type: Research Article
ISSN: 2634-1964

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Article
Publication date: 11 March 2019

Jing Dong, Hui Li, Kerry Liu and Xiaohui Wu

The purpose of this paper is to investigate Chinese stock market reaction to the announcements of dividend reductions and omissions.

506

Abstract

Purpose

The purpose of this paper is to investigate Chinese stock market reaction to the announcements of dividend reductions and omissions.

Design/methodology/approach

The data sets cover the period from 1990 to 2009. A rolling portfolio approach is performed and the Fama–French three-factor model is used to calculate the post-announcement long-term abnormal returns. The matching method and the sub-sample tests are used to examine the robustness.

Findings

After controlling for firm size, the unexpected earnings and government ownership, no evidence of the dividend announcement drift is found. The results also show that the government ownership and the large trading play a role in explaining the post-announcement abnormal returns.

Originality/value

This is the first study concerning the Chinese market that examines the Chinese stock market reaction to dividend cut and omission using a long-time period of data.

Details

Managerial Finance, vol. 45 no. 3
Type: Research Article
ISSN: 0307-4358

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