Analysis into IPO Underpricing and Clustering in Hong Kong Equity Market
AbstractThis paper focuses on the time series properties of the level of underpricing of IPO shares and volume of initial selling in Hong Kong equity market. Strong autocorrelation among the level of underpricing has been identified. Evidence suggests that the initial selling volume plays an important role in the relationship. The links between underpricing and clustering of IPOs within different industries are weak, suggesting the reasons for underpricing are rather related to the market liquidity than industry specific risk characteristics
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Bibliographic InfoPaper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 0716.
Date of creation: Dec 2007
Date of revision:
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More information through EDIRC
Underpricing of IPO shares; Hong Kong equity market; the volume of initial selling; Market liquidity.;
Other versions of this item:
- Qiao, Yongyuan, 2008. "Analysis into IPO underpricing and clustering in Hong Kong equity market," MPRA Paper 7876, University Library of Munich, Germany.
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-03-25 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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