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ntsNot the Same
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ntsNew Testament Studies (professional journal)
ntsNumber the Stars (book by Lois Lowry)
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References in periodicals archive ?
Therefore, we use the book value of equity for these nontradable shares when calculating the firm's market value.
There is part of companies' path length that is five in 2008, because most companies' shareholding relationship is not stable at the beginning of the reform of nontradable shares. In 2008, some isolated companies which are entering the network often possess a large shareholding path length, and the number of companies which have L = 3 rapid growth reached 21.3%.
(5) In June 2001, a plan was introduced whereby 10 percent of the proceeds from the sale of SOEs' nontradable shares and from IPOs (initial public offerings) would be earmarked for the NSSF, but that plan was discontinued (Kynge and McGregor 2001: 14; Zhao and Xu 2002: 412).
At the end of 2000, such nontradable shares were worth, at market prices, $387 billion-- that is, 67 percent of the market capitalization of all listed companies in China (Exhibit 3, on the next page).
Note: Table made from bar graph EXHIBIT 3 Not for sale Percent 100% = $581 billion (total market capitalization) (1) Tradable shares 32.3 Nontradable shares 66.7 (1)Market capitalization as of December 31, 2000.
In short, the predominance of nontradable shares means that only a minority of an SOE's outstanding share capital is subject to market scrutiny.
Nontradable shares, on average, account for around 40% of total equity during the sample period, although this decreases over time due to the split share structure reforms introduced at the end of 2005.
A large number of Chinese firms have tradable and nontradable shares. Nontradable shares are not freely traded and can only be transferred with regulatory approval.
In 2005, the China Securities Regulatory Commission initiated the split-share structure reform to convert publicly listed firms' nontradable shares to tradable shares (detailed background will be introduced in the next section).
A cross-examination of the postlockup transactions of nontradable shares adds further support to this finding.
For example, the State plays a dual role as a regulatory agency and owner of firms; further, there is a high degree of market segmentation in tradable and nontradable shares.
Also, a well-known Chinese economist has said that the fundamental problem with China's stock market is the split between tradable and nontradable shares. This economist argues that the interests of the two groups of shareholders are incompatible.