Profiting from Government Stakes in a Command Economy: Evidence from Chinese Asset Sales

We document the market response to an unexpected announcement of proposed sales of government-owned shares in China. In contrast to the "privatization premium" found in earlier work, we find a negative effect of government ownership on returns at the announcement date and a symmetric positive effect

本文记录了中国市场对国有股拟出售未预期公告的反应。与既往研究中发现的“私有化溢价（Privatization Premium）”现象不同，我们发现公告当日国有持股比例对股票收益率存在负向影响，且存在对称的正向影响。