Notice of RetractionThe dissimilation of announcement effects of private placement between bull and bear markets —An empirical research in Chinese stock market

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

In this paper, we investigate the dissimilation of announcement effects of private placement between bull and bear markets by taking these public corporations of announcing private placement from 2006 to 2008 as sampled corporations. We can disclose the following phenomena: in the bull stock market, the significant announcement effect can only be showed in the announcement day whereas it can be significantly showed during the whole process including pre- and post- announcement day in the bear stock market. The relationship in the different stock market surroundings between the effects of announcement and price discount will be significantly different and the announcement effects will be lessened with the increasing of discount whereas it will be swelled in the bull stock market surroundings. In last, some theoretic interpretations will be given according to investor sentiment and the corresponding revelations.