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Private Versus State Ownership and Spillover of Investor Protection Standards in Interprovince Mergers: Evidence from China's Emerging Market

Author

Listed:
  • Hongbo Pan
  • Donghui Li
  • Xinping Xia
  • Minggui Yu

Abstract

This paper examines the spillover effects of investor protection standards for interprovince mergers in China's emerging markets. Using a sample of 372 mergers, we find that if the provincial investor protection of the acquirer is better than that of the target, a privately owned acquirer will get significantly higher abnormal returns, whereas a local state-owned acquirer will not. Additional evidence indicates that in contrast to the crossborder acquirers or the private acquirers, the local state-owned acquirers in interprovince mergers come from provinces with worse fiscal conditions and prefer to acquire targets in provinces with better investor protection or fiscal conditions.

Suggested Citation

  • Hongbo Pan & Donghui Li & Xinping Xia & Minggui Yu, 2010. "Private Versus State Ownership and Spillover of Investor Protection Standards in Interprovince Mergers: Evidence from China's Emerging Market," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 46(6), pages 86-105, November.
    • Handle: RePEc:mes:emfitr:v:46:y:2010:i:6:p:86-105
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