This paper empirically studies the stock price effect of restricted share's circulation by using the event study.
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2011年7月7日,国家税务总局下发《关于企业转让上市公司限售股有关所得税问题的公告》。
On July 7, 2011, the State Administration of Taxation (SAT) promulgated the Announcement on Issues Concerning Income Tax Incurred by Restricted Shares Transfer of Listed Companies.
Based on the sample of the non-tradable shares transfer and restricted shares transfer, the paper analyzes the tunneling before and after the non-tradable share reform.