一、主題：Market Regulation and Private Equity Placements in China

二、主講人：顧明，中國人民大學漢青經濟與金融研究院助理教授，羅格斯大學金融博士。他的研究領域包括市場異常、盈餘管理、公司治理以及中國資本市場。他曾在美國金融年會(AFA)、歐洲金融年會(EFA)等知名學術會議宣講其研究成果。顧博士在中國人民大學講授研究生階段的《資産定價和投資組合》等課程。

三、時間：2015年11月27日（周五），12:30-13:30

四、地點：學術會堂606會議室

五、主持人：苟琴，bevictor伟德官网講師

摘要：The appropriate level of regulation of equity public offerings and issuing firms’ commitment to oversight reduce information asymmetry and hence mispricing. Yet for private equity placements (PEPs), the question remains unanswered whether extensive regulatory control is necessary to prevent abuse and enhance firm value. Compared with those in Western countries, PEPs in China are heavily regulated. Therefore, we are interested whether the findings about PEPs from developed financial markets still hold in underdeveloped but highly state-controlled markets like China, and whether a more stringent regulation has an impact, good or bad, on market participants. We find that PEP-issuing firms in China perform better than non-issuing firms in the long run. General investors benefit more from private placements when controlling shareholders participate in the deals, and long-term returns to controlling shareholders outperform those to non-controlling shareholders.