@article{Beltratti:12203,
      recid = {12203},
      author = {Beltratti, Andrea and Bortolotti, Bernardo},
      title = {The Nontradable Share Reform in the Chinese Stock Market},
      address = {2006},
      number = {836-2016-55604},
      series = {PRCG Nota di Lavoro 131.2006},
      pages = {24},
      year = {2006},
      abstract = {Nontradable shares (NTS) are an unparalleled feature of  the ownership structure of Chinese listed companies and  represented a major hurdle to domestic financial market  development. After some failed attempts, in 2005 the  Chinese authorities have launched a structural reform  program aiming at eliminating NTS. In this paper, we  evaluate the stock price effects of the actual  implementation of this reform in 368 firms. The NTS reform  generated a statistically significant 8 percent positive  abnormal return over the event window, adjusting prices for  the compensation requested by tradable shareholders.  Results are consistent with the expectation of improved  economic fundamentals such as better corporate governance  and enhanced liquidity.},
      url = {http://ageconsearch.umn.edu/record/12203},
      doi = {https://doi.org/10.22004/ag.econ.12203},
}