文献类型：期刊文献

英文题名：The peer effects of PIPEs

作者：Ye, Zhiqiang[1];Zhang, Shunming[2];Zheng, Jiefei[3]

机构：[1]East China Univ Sci & Technol, Business Sch, Shanghai 200237, Peoples R China;[2]Renmin Univ China, China Financial Policy Res Ctr, Sch Finance, Beijing 100872, Peoples R China;[3]Renmin Univ China, Sch Finance, Beijing 100872, Peoples R China

年份：2023

卷号：83

起止页码：156

外文期刊名：INTERNATIONAL REVIEW OF ECONOMICS & FINANCE

收录：;WOS:【SSCI(收录号:WOS:000855569400002)】；

基金：All authors contributed equally to this work and are listed in alphabetical order. The authors acknowledge financial support from the National Natural Science Foundation of China (NSFC Grant numbers: 71773123 and 72173125) , the Key Program of National Social Science Fund of China (SSFC Grant number: 21AZD028) and Shanghai Philosophy and Social Sciences Planning Project, China (Grant number: 2018BJB013) . All errors are our own.

语种：英文

外文关键词：Peer effects; PIPEs; Industrial information asymmetry; The information-based theory; The rivalry-based theory

摘要：This paper empirically confirms that there exist significant peer effects of PIPEs in Chinese listed companies with data during 2006 to 2019. We investigate their influencing mechanism and find the existence of significant peer effects of PIPEs in the companies with high industry information asymmetry and in those with fierce industry competition. Finally, we evaluate the peer effects of PIPEs, which significantly increase short-term firm value, but have no improvement in long run. Our paper not only enriches the relevant research on peer effects, but also provides a better practical understanding of PIPEs.