| Firstly, we compared the return on the stocks from GEM with thereturn on the industry index, and we can discover that there is anabnormal negative return during the unlock event and an abnormalpositive return just on the unlock day. Secondly, we use the history eventmethod and market model to get the cumulated abnormal return, and wecan discover that there is some difference between PE group andindividual group. The result of this study can be explained and it canrepresent the characteristic of the Chinese market to some extent. Thenew point for this paper is that this study combined two hot topics(unlock event and PE firm) together and proved the value of PE firmsfrom another angle. |
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