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Duration of IPOs between offering and listing: Cox proportional hazard models--Evidence for Chinese A-share IPOs

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Author Info

  • Guo, Haifeng
  • Brooks, Robert

Abstract

This paper estimates the duration from offering to listing of Chinese A-share IPOs issued from 1994 to 2005. We firstly compare the effects of the two issuing systems on the length of this duration and find that the waiting time to listing has been shortened greatly after the Approval System is adopted. Secondly, this study emphasizes on exploring endogenous factors related to an issuer itself, including the issuer's quality, market sentiment, allocation mechanism, and underwriter, etc. Then a Cox proportional hazard model is employed to examine these factors' influences on this issuer's final listing. Further, this paper extends the analysis to explore the role of the issuing system and issuing year respectively. Most endogenous factors are found to still be functioning when we take into account the effect of the issuing system, but the effects of underwriter, allocation mechanism, offering price and floatation size diminish in favour of the effect of issuing year.

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Bibliographic Info

Article provided by Elsevier in its journal International Review of Financial Analysis.

Volume (Year): 18 (2009)
Issue (Month): 5 (December)
Pages: 239-249

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Handle: RePEc:eee:finana:v:18:y:2009:i:5:p:239-249

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Web page: http://www.elsevier.com/locate/inca/620166

Related research

Keywords: Duration Cox proportional hazard model Chinese IPOs A-shares;

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Cited by:
  1. Low, Soo-Wah & Yong, Othman, 2011. "Explaining over-subscription in fixed-price IPOs -- Evidence from the Malaysian stock market," Emerging Markets Review, Elsevier, vol. 12(3), pages 205-216, September.
  2. Haifeng Guo & Hung‐Gay Fung, 2011. "Growth Enterprise Board Initial Public Offerings: Characteristics, Volatility and the Initial‐day Performance," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 19(1), pages 106-121, 01.

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