Underpricing of Chinese Initial Public Offerings

被引：14

作者：

Guo, Haifeng ^{[1
]}

Brooks, Robert ^{[2
]}

Fung, Hung-Gay ^{[3
]}

机构：

[1] Harbin Inst Technol, Sch Management, Dept Appl Econ, Harbin, Peoples R China

[2] Monash Univ, Dept Econometr & Business Stat, Clayton, Vic, Australia

[3] Univ Missouri, Coll Business Adm, St Louis, MO USA

来源：

CHINESE ECONOMY | 2011年 / 44卷 / 05期

关键词：

D O I：

10.2753/CES1097-1475440504

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article discusses the initial public offerings (IPO) market in China and reviews the literature on IPO underpricing. A variety of reasons for underpricing are examined, including information asymmetry, ex ante uncertainty, signaling hypothesis, ownership dispersion, and market feedback. Other features of the Chinese market, such as inequality of supply and demand, allocation mechanisms, ownership structure, and market sentiment, are also considered in explaining the high level of underpricing in China.

引用

页码：72 / 85

页数：14

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