The peer effects of PIPEs

Zhiqiang Ye, Shunming Zhang and Jiefei Zheng

International Review of Economics & Finance, 2023, vol. 83, issue C, 156-172

Abstract: This paper empirically confirms that there exist significant peer effects of PIPEs in Chinese listed companies with data during 2006 to 2019. We investigate their influencing mechanism and find the existence of significant peer effects of PIPEs in the companies with high industry information asymmetry and in those with fierce industry competition. Finally, we evaluate the peer effects of PIPEs, which significantly increase short-term firm value, but have no improvement in long run. Our paper not only enriches the relevant research on peer effects, but also provides a better practical understanding of PIPEs.

Keywords: Peer effects; PIPEs; Industrial information asymmetry; The information-based theory; The rivalry-based theory (search for similar items in EconPapers)
JEL-codes: D21 G15 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:83:y:2023:i:c:p:156-172

DOI: 10.1016/j.iref.2022.08.021

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