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has been cited by the following article:

• TITLE: Research on Wealth Effect of Asset Reorganization in Tourism Industry: Case Study Based on Holistic Listing of Overseas Chinese Town Group

  AUTHORS: Tingli Liu, Songling Yang, Wei Zhang

  KEYWORDS: Holistic Listing; Wealth Effects; Value

  JOURNAL NAME: Journal of Service Science and Management, Vol.5 No.4, December 26, 2012

  ABSTRACT: This study extends previous research by examining how holistic listing affects the short-term and long-term wealth for listed company in China. Case study, event study and financial ratios analysis methods are used in the paper. We measure short-term wealth effect by the extra returns and measure long-term wealth by the five value creation indexes. The results show that holistic listing of group enterprise injects new motivation for value creation and helps shareholders to share both long-term and short-term wealth effects. Our research has implications for group enterprises that are striving to enhance corporate value through capital operation.