Pricing and Allocation Mechanisms in Underpricing of Chinese IPOs

被引：10

作者：

Chiou, Jeng-Ren ^{[1
]}

Li, Ming-Yuan Leon ^{[1
,2
]}

Cheng, Li ^{[3
]}

Chang, Shih-Yuan ^{[4
]}

机构：

[1] Natl Cheng Kung Univ, Dept Accountancy, Tainan, Taiwan

[2] Natl Cheng Kung Univ, Inst Finance, Tainan, Taiwan

[3] Providence Univ, Dept Accounting, Taichung, Taiwan

[4] Deloitte Touche Tomatsu, Taipei, Taiwan

来源：

CHINESE ECONOMY | 2010年 / 43卷 / 01期

关键词：

D O I：

10.2753/CES1097-1475430105

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study tries to answer the question: Do changes in pricing and allocation mechanisms significantly affect the Chinese initial public offering (IPO) market? Four separate pricing and allocation mechanisms for the Chinese IPO market, operating from 1995 to 2007, are examined. We find that as these mechanisms evolved, the average and variance of IPO underpricing in China became smaller. The results indicate that as the Chinese IPO market has become more market-oriented, underpricing has significantly decreased, and the market has become more stable.

引用

页码：93 / 108

页数：16

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