With the gradual completion of the split-share structure reform,private placement has gradually become the mainstream of refinancing. One of the points that the practical and theoretical circles are widely concerned a...With the gradual completion of the split-share structure reform,private placement has gradually become the mainstream of refinancing. One of the points that the practical and theoretical circles are widely concerned about is that the private placement price is often higher than the market price at the time of the private placement. High discounts are often accompanied by the transmission of benefits,and the increase in insider information will lead to the risk of a stock market crash? This paper intends to use the data of A-share listed companies from 2006 to 2015 to empirically study the relationship between the discount on private placements and the risk of stock market crash. At the same time,this paper examines whether the degree of information asymmetry plays a regulatory role in the relationship between the discount on private placements and the risk of stock market crash. This paper provides a certain reference for the regulatory authorities to improve the relevant laws and regulations in the private placement,and to provide a certain reference for the protection of the interests of small and medium-sized investors.展开更多
How does stablecoin design affect market behavior during turbulent periods?Stable-coins attempt to maintain a“stable”peg to the US dollar,but do so with widely varying structural designs.The spectacular collapse of ...How does stablecoin design affect market behavior during turbulent periods?Stable-coins attempt to maintain a“stable”peg to the US dollar,but do so with widely varying structural designs.The spectacular collapse of the TerraUSD(UST)stablecoin and the linked Terra(LUNA)token in May 2022 precipitated a series of reactions across major stablecoins,with some experiencing a fall in value and others gaining value.Using a Baba,Engle,Kraft and Kroner(1990)(BEKK)model,we examine the reaction to this exogenous shock and find significant contagion effects from the UST collapse,likely partially due to herding behavior among traders.We test the varying reactions among stablecoins and find that stablecoin design differences affect the direction,magnitude,and duration of the response to shocks.We discuss the implications for stablecoin developers,exchanges,traders,and regulators.展开更多
文摘With the gradual completion of the split-share structure reform,private placement has gradually become the mainstream of refinancing. One of the points that the practical and theoretical circles are widely concerned about is that the private placement price is often higher than the market price at the time of the private placement. High discounts are often accompanied by the transmission of benefits,and the increase in insider information will lead to the risk of a stock market crash? This paper intends to use the data of A-share listed companies from 2006 to 2015 to empirically study the relationship between the discount on private placements and the risk of stock market crash. At the same time,this paper examines whether the degree of information asymmetry plays a regulatory role in the relationship between the discount on private placements and the risk of stock market crash. This paper provides a certain reference for the regulatory authorities to improve the relevant laws and regulations in the private placement,and to provide a certain reference for the protection of the interests of small and medium-sized investors.
基金funding agencies in the public,commercial,or not-for-profit sectors.Luca Galati was founded by the Rozetta Institute(formerly CMCRC-SIRCA),55 Harrington St,The Rocks,Sydney,NSW 2000,Australia.
文摘How does stablecoin design affect market behavior during turbulent periods?Stable-coins attempt to maintain a“stable”peg to the US dollar,but do so with widely varying structural designs.The spectacular collapse of the TerraUSD(UST)stablecoin and the linked Terra(LUNA)token in May 2022 precipitated a series of reactions across major stablecoins,with some experiencing a fall in value and others gaining value.Using a Baba,Engle,Kraft and Kroner(1990)(BEKK)model,we examine the reaction to this exogenous shock and find significant contagion effects from the UST collapse,likely partially due to herding behavior among traders.We test the varying reactions among stablecoins and find that stablecoin design differences affect the direction,magnitude,and duration of the response to shocks.We discuss the implications for stablecoin developers,exchanges,traders,and regulators.
