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Applied Economics Letters Volume 30, 2023 - Issue 9
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Research Article

Share pledging for seasoned equity offerings? Evidence from China

Desu LiuDepartment of Finance and Insurance, School of Business, Nanjing University, Nanjing, Jiangsu, ChinaCorrespondence[email protected]
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Ziqiao FangDepartment of Finance and Insurance, School of Business, Nanjing University, Nanjing, Jiangsu, ChinaView further author information
Pages 1244-1247 | Published online: 22 Feb 2022

References

  • Anderson, R., and M. Puleo. 2020. “Insider Share-pledging and Equity Risk.” Journal of Financial Services Research 58 (1): 1–25. doi:10.1007/S10693-020-00332-X.
  • Chan, K., H.-K. Chen, H. Shing-yang, and Y.-J. Liu. 2018. “Share Pledges and Margin Call Pressure.” Journal of Corporate Finance 52: 96–117. doi:10.1016/j.jcorpfin.2018.08.003.
  • Dou, Y., R. W. Masulis, and J. Zein. 2019. “Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans.” The Review of Financial Studies 32 (12): 4810–4854. doi:10.1093/rfs/hhz034.
  • Larcker, D. F., and B. Tayan. 2010. “Pledge (And Hedge) Allegiance to the Company.” Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-11.
  • Masulis, R. W., and A. N. Korwar. 1986. “Seasoned Equity Offerings: An Empirical Investigation.” Journal of Financial Economics 15 (1–2): 91–118. doi:10.1016/0304-405X(86)90051-6.
  • Pang, C., and Y. Wang. 2020. “Stock Pledge, Risk of Losing Control and Corporate Innovation.” Journal of Corporate Finance 60: 101534. doi:10.1016/j.jcorpfin.2019.101534.
  • Shen, Y., W. Wang, and F. Zhou. 2021. “Insider Pledging in the U.S.” Journal of Financial Stability 53: 100830. doi:10.1016/j.jfs.2020.100830.
  • Singh, P. 2019. “Does Pledging of Shares by Controlling Shareholders Always Destroy Firm Value?” Working Paper.
  • Tim, L., and J. R. Ritter. 1995. “The New Issues Puzzle.” The Journal of Finance 50 (1): 23–51. doi:10.1111/j.1540-6261.1995.tb05166.x.
  • Wang, Y.-C., and R. K. Chou. 2018. “The Impact of Share Pledging Regulations on Stock Trading and Firm Valuation.” Journal of Banking and Finance 89: 1–13. doi:10.1016/j.jbankfin.2018.01.016.

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