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Greed or caution? Investor sentiment and payment strategies in Chinese asset sales

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  • Arif Qayyum
  • Ning Gao
  • Wei He

Abstract

In this paper, we analyze the impact of investor sentiment on the payment choices and appraisal value of asset sales in China. The Chinese evidence is like that of the US market with some exceptions. Specifically, buyers tend to favor stocks as the method of payment if the investor sentiment is positive before the asset sales, and this effect appears to be pronounced in the top-valued asset sale events. However, the premiums offered in the Chinese asset sale deals are not necessarily uniformly associated with pre-sales investor sentiment. Buyers are only willing to offer high premiums for the top-valued asset purchase; while for the low-valued assets, premiums are negatively associated with investor sentiment.

Suggested Citation

  • Arif Qayyum & Ning Gao & Wei He, 2026. "Greed or caution? Investor sentiment and payment strategies in Chinese asset sales," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 24(1), pages 53-69, January.
    • Handle: RePEc:taf:jocebs:v:24:y:2026:i:1:p:53-69
    DOI: 10.1080/14765284.2025.2492918
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