000			01925nab a2200217 a 4500
999			_c199774 _d199774
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005			20200226102105.0
008			200210s2015 xxu|||||r|||| 00| 0 eng d
040			_aCO-BoUGC _cCO-BoUGC
100	1		_aC. Lee, Charles M. _9179272
245	1	0	_aShell games _bthe long-term performance of chinese reverse-merger firms _cCharles M. C. Lee, Kevin K. Li & Ran Zhang
300			_aPáginas 1547 a la 1589
520	3		_aWe examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85 percent of all foreign RMs). As a group, RMs are early-stage companies that typically trade over the counter. However, Chinese RMs (CRMs) tend to be more mature and less speculative than either their U.S. counterparts or a group of exchange-industry-size-matched firms. As a group, CRMs outperformed their matched peers from inception through the end of 2013, even after including most of the firms accused of accounting fraud. CRMs that receive private investment in public equity (PIPE) financing from sophisticated investors perform particularly well. Overall, despite the negative publicity, we find little evidence that CRMs are inherently toxic investments. Our results shed light on the risk-performance trade-off for CRMs, as well as the delicate balance between credibility and access in well-functioning markets.
650	1	4	_aContabilidad _vPublicaciones seriadas _zChina _9179273
650	2	4	_aCompañías consolidadas _vPublicaciones seriadas _zChina _9179274
690			_aPrivate Investment in Public Equity (PIPE) _9179275
700	1		_aLi, Kevin K. _9179276
700	1		_aZhang, Ran _9179277
773	0		_082265 _9368138 _aThe accounting review 2015 V.90 No. 4 (Jul) _o0000002030740 _x0001-4826 (papel) _h23 páginas _nIncluye figuras, tablas, referencias bibliográficas y apéndices
942			_2ddc _cART