Abstract:
Based on a hand-collected dataset of China's listed companies during 2011-2016, this paper analyzes the determinants of their decisions to set up buyout funds with private equity funds, the associated wealth effects, and the buyout funds' investment. Our analysis shows that the likelihood of establishing buyout funds is significantly related to certain firm characteristics. The announcements are associated with significantly positive short-run abnormal returns, but with significantly negative long-run abnormal returns. Investors are positive about the buyout funds' investment, but most funds make no investment after establishment. We provide some possible explanations for our findings.
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