The academic team

Prof. An Yunbifrom the University of Windsor held a lecture 

Onthe afternoon of October 21, Prof. An Yunbi from the University of Windsor,Canada, delivered a lecture entitled "Price inversion and post lock-inperiod returns in private equity placements in China" at the Tung Taulecture hall on the second floor of Zhenyi Building. Professor Yan Wu, a tutorof doctoral students in our school, participated in the activity. Youngteachers Jiang Chonghui, Hu Zhijun, Duan Mei, Hu Jun, Du Jiangze, Yang Chao,Tan Yingxian and all other postgraduates listened to the lectures. The lecturewas presided by Vice Dean Ling Aifan.

Inthe lecture, first, Professor An Yunbi show us the changes of private placementshares after the unlocked stock price changes from the view of privateplacement, found that the price of the fixed-issuance of additional shares tounlock after six months to1-year, the yield is positive. Subsequently, based onChina's unique market environment and institutional environment, Professor Anncompared domestic and foreign private placement laws and regulations, expoundedthe motivation of private placement, and explored the ways for companies to increaseprofits to investors . Then, three hypotheses are put forward in the way of thetransfer of benefits: 1, the price of the upside-down stocks will performbetter after being unlocked; 2, the increased price of the upside-down stockswill be more prone to earnings management and increasing dividend; 3,Fixed-increase companies are more inclined to deliver benefits to localinvestors. Finally, Professor Ann demonstrated the process and results of theempirical analysis of these three hypotheses and found that the empiricalresults were significant, thus confirmed the above three hypotheses. Duringthis period, teachers such as Hu Jun and Jiang Chonghui put forward questionsand expressed opinions on whether the factors considered in the hypotheses and inthe process of empirical analysis. Professor Ann listened carefully, answeredquestions and held active discussions with the teachers.

Thelecture was finished successfully. The wonderful speech given by Professor AnYun Bi not only enabled us to have a deeper understanding of the marketperformance of fixed-issue, but also let us closely experience the goodacademic discussions atmosphere.