摘要
定向增发是近年来财务学研究的热点问题,然而定向增发锁定期终止的市场反应却是一片空白。本文围绕这一问题,分别从锁定期终止的股价和交易量两个方面,探究锁定期终止的总体市场反应、不同解禁频率以及不同定向增发对象的解禁市场反应。研究发现,定向增发锁定期安排的目的在于作为抑制道德风险的一种机制,市场对定向增发锁定期终止的反应是消极的,相对于控股股东及其关系人而言,机构投资者更急于在解禁后抛售股票,进行套现。
Private placements has been a hot topic in finance,However there is little research about the market reaction to the expiration of it lockups.The paper explores this topic from the observed share price and transaction reaction around lockups expiration.The paper documents that private placements lockups is to be a contract of hinder moral hazard,the reaction to it lockups is negative,relative to controlling shareholders and others,institutional investors are eager to sell their share.
出处
《南京财经大学学报》
2010年第5期63-69,共7页
Journal of Nanjing University of Finance and Economics
关键词
定向增发
锁定期
解禁
超额回报
private placements
lockups
expiration
abnormal return
