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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Vydané v:	Pacific-Basin finance journal Ročník 55; s. 192 - 205
Hlavní autori:	Li, Michelle, Liu, Chelsea, Scott, Tom
Médium:	Journal Article
Jazyk:	English
Vydavateľské údaje:	Elsevier B.V 01.06.2019
Predmet:	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
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