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

二、主讲人：顾明，中国人民大学汉青经济与金融研究院助理教授，罗格斯大学金融博士。他的研究领域包括市场异常、盈余管理、公司治理以及中国资本市场。他曾在美国金融年会(AFA)、欧洲金融年会(EFA)等知名学术会议宣讲其研究成果。顾博士在中国人民大学讲授研究生阶段的《资产定价和投资组合》等课程。

三、时间：2015年11月27日（周五），12:30-13:30

四、地点：学术会堂606会议室

五、主持人：苟琴，必赢565net官网讲师

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.