Rights Offerings and Expropriation by Controlling Shareholders
研究了香港市场配股和公开增发，发现公司代理问题越严重，股东反应越负面，控股股东通过承销配股以低价增持股份，许多配股类似利益侵占。
Abstract We investigate rights issues and open offers in Hong Kong. We observe that the greater the severity of firms’ management‐agency problems, the more unfavourably shareholders tend to react, leading to more negative cumulative abnormal returns or rights forfeiture. Controlling shareholders do not forfeit rights, and may increase their percentage ownership at deep price discounts by underwriting rights offerings. Our results suggest that, although certain rights offerings can be described as value‐enhancing, many other rights offerings closely resemble the expropriation activities of controlling shareholders.