Share pledges and firm value

Share pledging is when shareholdings are used as collateral to obtain loans. While uncommon in many developed economies, the practice is prevalent in the Chinese capital markets. Using a sample of Chinese listed firms over 2003–2015, we find a positive association between share pledges by the larges...

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Bibliographic Details
Published in:	Pacific-Basin finance journal Vol. 55; pp. 192 - 205
Main Authors:	Li, Michelle, Liu, Chelsea, Scott, Tom
Format:	Journal Article
Language:	English
Published:	Elsevier B.V 01.06.2019
Subjects:	Corporate governance Firm value Share pledging Tobin's Q Firm value Corporate governance Share pledging G10 G38 Tobin's Q G18
ISSN:	0927-538X, 1879-0585
Online Access:	Get full text
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