天津大学讲座：Price inversion in private placements

　　讲座信息

　　主题：Price inversion and post lock-in period returns in private equity placements in China

　　主讲人：Yunbi An 教授

　　时间： 2017年11月15日 15：30

　　地点：25教学楼A区3层Class C

　　主讲人介绍

　　安云碧教授是加拿大皇后大学金融学博士，现任加拿大温莎大学Odette商学院金融学教授，其主要研究领域包括公司财务金融、资产组合选择与资产组合保险、风险管理等。曾在Financial Management, Journal of Banking and Finance, Journal of International Money and Finance和Journal of Futures Markets等国际期刊发表论文。安教授的学术成果得到了国内外金融理论与实务界的广泛承认，多次受邀参加EFMA, EFA, MFA, 以及NFA等举办的金融学年会，并担任许多国际著名期刊的审稿专家。

　　讲座内容

　　This paper investigates the mechanism that drives the price dynamics for privately-placedstocks with price inversion, their unlock-date price lower than the issuing price. Using a sample of Chinese companies that placed equity privately with lock-in periods ending between 2007 and 2015, we find that stocks with price inversion generate higher short-term returns after the lock-in period than other stocks, and the greater the degree of priceinversion, the better the short-term returns post the lock-in period. This anomaly cannot be explained by the price reversal effect, investors’under-reaction to the companies’ prospects, or the improved governance after private equity placements. Rather, it reflects the interests transferred by issuing firms to participating investors, given the unique regulations on private equity placements in China. Interests transfer is particularly pronounced if local investors are involved in a private placement. Additionally, the better the corporate governance, the lower the degree of interests transfer.

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