DocumentCode
1850621
Title
Notice of Retraction
Study of the relationship between IPO market timing and capital structure of Real Estate companies Econometric evidence from the Panel Data of Hong Kong Main Board Stock Market
Author
Gao Chun Li ; Lan Feng
Author_Institution
Sch. of Manage., Xi´an Univ. of Archit. & Technol., Xi´an, China
Volume
2
fYear
2011
fDate
13-15 May 2011
Firstpage
718
Lastpage
723
Abstract
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.
Based on the observations of IPO Panel Data of listed firms in Hong Kong Main Board Stock Market during the year of 1992 to 2009, the paper tests the influence of IPO market timing of real estate companies to the capital structure. In this paper, the market timing index is measured by market-to-book ratio and we choose the non-debt tax shields, company growth, company size and the liquidity of assets as control variables. The study finds that market timing does not have a short run impact on the capital structure of real estate companies of Hong Kong Main Board stock market, but there is a weak negative correlation between the historical evaluation and the capital structure of a firm. With every unit the historical evaluation of a firm goes up, the book leverage would go down for 0.02 units. Further investigation shows that the influence of market timing to listed firms in the Main Board Stock Market of Hong Kong last for 2 year, and disappear in the third year of IPO.
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.
Based on the observations of IPO Panel Data of listed firms in Hong Kong Main Board Stock Market during the year of 1992 to 2009, the paper tests the influence of IPO market timing of real estate companies to the capital structure. In this paper, the market timing index is measured by market-to-book ratio and we choose the non-debt tax shields, company growth, company size and the liquidity of assets as control variables. The study finds that market timing does not have a short run impact on the capital structure of real estate companies of Hong Kong Main Board stock market, but there is a weak negative correlation between the historical evaluation and the capital structure of a firm. With every unit the historical evaluation of a firm goes up, the book leverage would go down for 0.02 units. Further investigation shows that the influence of market timing to listed firms in the Main Board Stock Market of Hong Kong last for 2 year, and disappear in the third year of IPO.
Keywords
econometrics; financial management; property market; public finance; stock markets; Hong Kong main board stock market; IPO market timing; assets liquidity; capital structure; company growth; company size; econometric evidence; market timing index; market-to-book ratio; nondebt tax shield; real estate company; Companies; Correlation; Finance; Indexes; Investments; Stock markets; Timing; Capital Structure; Market Timing; Market-to-Book Ratio; Real Estate Company;
fLanguage
English
Publisher
ieee
Conference_Titel
Business Management and Electronic Information (BMEI), 2011 International Conference on
Conference_Location
Guangzhou
Print_ISBN
978-1-61284-108-3
Type
conf
DOI
10.1109/ICBMEI.2011.5918013
Filename
5918013
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