Differences of opinion, institutional bids, and IPO underpricing

被引：25

作者：

Gao, Shenghao ^{[1
]}

Brockman, Paul ^{[2
]}

Meng, Qingbin ^{[3
]}

Yan , Xuemin ^{[2
]}

机构：

[1] Beijing Jiaotong Univ, Sch Econ & Management, Beijing, Peoples R China

[2] Lehigh Univ, Coll Business, Bethlehem, PA 18015 USA

[3] Renmin Univ China, Sch Business, Beijing, Peoples R China

来源：

JOURNAL OF CORPORATE FINANCE | 2020年 / 60卷

基金：

中国国家自然科学基金;

关键词：

Difference of opinion; Initial public offering (IPO); Underpricing; INITIAL PUBLIC OFFERINGS; LITIGATION RISK; DIVERGENCE; OWNERSHIP; INFORMATION; AUCTIONS; RETURNS; QUALITY; DISAGREEMENT; UNCERTAINTY;

D O I：

10.1016/j.jcorpfin.2019.101540

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Miller (1977) hypothesizes that IPO underpricing arises because the issue price is based on the average opinion while the aftermarket price is set by a minority of optimistic investors. Using a unique data set of institutional bids for a large sample of Chinese IPOs, we show that the IPO issue price is positively related to the quantity-weighted average bid price and unrelated to the market-clearing bid price. In contrast, the first-day closing price is positively related to the market-clearing bid price and unrelated to the average bid price. Overall, our results provide strong support for Miller's explanation of IPO underpricing.

引用

页数：19