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ArticleControlling shareholder share pledging and the cost of equity capital: Evidence from China

Wei Liu2021

Article2021

Controlling shareholder share pledging and the cost of equity capital: Evidence from China

Wei Liu · Gary Gang Tian

61 citations·0/0 files stored·The British Accounting Review

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Corporate Finance and Governance Financial Markets and Investment Strategies Auditing, Earnings Management, Governance

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1998Law and Finance 1992The Cross-Section of Expected Stock Returns 1958The Cost of Capital, Corporation Finance and the Theory of Investment 2008The cost of capital, corporation finance and the theory of investment 1991Earnings Management During Import Relief Investigations 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1995Earnings, Book Values, and Dividends in Equity Valuation*

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Year2021

Typearticle

Published2021-10-11

VenueThe British Accounting Review

ISSN-L0890-8389

Languageen

Citations61

Files0 public / 0

ShelfCorporate Finance and Governance

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doi10.1016/j.bar.2021.101057

openalex_workW3206781191

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2023Private firms' financial constraints and share pledging by controlling shareholders of publicly listed firms: Evidence from China 2025Carbon risk and the cost of equity capital: Evidence from China 2024Before thrive, first survive: The impact of controlling shareholder pledging on corporate ESG performance 2024Does government ownership help make private firms greener? Evidence from an emerging market