所属栏目:公司金融/公司治理

摘要

This paper studies how regulatory changes affect investors’ reactions at shareholder meetings in China. The objective of this paper is twofold: first, to analyse the information content transmitted to the shareholders of the largest Chinese companies listed on the China Securities Index 300 when an Annual General Meeting is held. A distinction is made between ordinary and extraordinary general meetings. Second, to find out if regulatory changes related to the Company Law of China and online voting in Annual General Meetings affect the information content of those meetings. The abnormal return obtained is examined through an event study using the Fama-French five-factor model. The results of our study indicate that the release of information and involvement of minority shareholders in general meetings during the research period led to higher return volatility and traded volume.
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Monica Martinez-Blasco; Francesc Prior Sanz; Vanessa Serrano Molinero; Octasiano M. Valerio Mendoza; Jordi Cuadros Margarit Release of Information at Shareholder Meetings in China: Have Regulatory Changes Increased Their Information Content? (2024年04月18日) https://www.cfrn.com.cn/lw/15642.html

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