Share pledging for seasoned equity offerings? Evidence from China

Desu Liu and Ziqiao Fang

Applied Economics Letters, 2023, vol. 30, issue 9, 1244-1247

Abstract: We investigate an unexplored channel through which pledged loans are exploited by the most influential firm insiders in China. Specifically, we document a significant and positive relationship between net pledging by the largest shareholder before a seasoned equity offering and her cash subscription to that very offering.

Date: 2023
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DOI: 10.1080/13504851.2022.2044008

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