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An empirical investigation of underpricing in Chinese IPOs

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Cited by:

  1. Allen, Franklin & Qian, Jun & Qian, Meijun, 2005. "Law, finance, and economic growth in China," Journal of Financial Economics, Elsevier, vol. 77(1), pages 57-116, July.
  2. Xin Chang & Shi Hua Lin & Lewis H. K. Tam & George Wong, 2010. "Cross‐sectional determinants of post‐IPO stock performance: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(3), pages 581-603, September.
  3. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
  4. Chalmers, Keryn & Haman, Janto & Qu, Wen, 2014. "China’s Securities reforms and IPO wealth loss," Journal of Contemporary Accounting and Economics, Elsevier, vol. 10(3), pages 161-175.
  5. Su, Dongwei, 2005. "Corporate finance and state enterprise reform in China," China Economic Review, Elsevier, vol. 16(2), pages 118-148.
  6. Qi Huang & Richard M. Levich, 1999. "Underpricing of New Equity Offerings by Privatized Firms: An International Test," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-075, New York University, Leonard N. Stern School of Business-.
  7. Agathee, Ushad Subadar & Sannassee, Raja Vinesh & Brooks, Chris, 2012. "The underpricing of IPOs on the Stock Exchange of Mauritius," Research in International Business and Finance, Elsevier, vol. 26(2), pages 281-303.
  8. Hoque, Hafiz & Mu, Shaolong, 2021. "Does a reduction of state control affect IPO underpricing? Evidence from the Chinese A-share market," Journal of International Money and Finance, Elsevier, vol. 115(C).
  9. Rui Li & Wei Liu & Yong Liu & Sang-Bing Tsai, 2018. "IPO Underpricing After the 2008 Financial Crisis: A Study of the Chinese Stock Markets," Sustainability, MDPI, vol. 10(8), pages 1-13, August.
  10. Chi, Jing & Padgett, Carol, 2005. "Short-run underpricing and its characteristics in Chinese initial public offering (IPO) markets," Research in International Business and Finance, Elsevier, vol. 19(1), pages 71-93, March.
  11. Naughton, Tony & Truong, Cameron & Veeraraghavan, Madhu, 2008. "Momentum strategies and stock returns: Chinese evidence," Pacific-Basin Finance Journal, Elsevier, vol. 16(4), pages 476-492, September.
  12. Guo, Haifeng & Brooks, Robert, 2008. "Underpricing of Chinese A-share IPOs and short-run underperformance under the approval system from 2001 to 2005," International Review of Financial Analysis, Elsevier, vol. 17(5), pages 984-997, December.
  13. Moshirian, Fariborz & Ng, David & Wu, Eliza, 2010. "Model specification and IPO performance: New insights from Asia," Research in International Business and Finance, Elsevier, vol. 24(1), pages 62-74, January.
  14. Larry Li & John Fowler & Tony Naughton, 2008. "Short Term Equity Returns of Chinese IPOs, 1999 to 2004," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 7(2), pages 197-214, August.
  15. Qi Deng & Zhong-guo Zhou, 2016. "The pricing of first day opening price returns for ChiNext IPOs," Review of Quantitative Finance and Accounting, Springer, vol. 47(2), pages 249-271, August.
  16. Nischay Arora & Balwinder Singh, 2019. "Impact of Auditor and Underwriter Reputation on Underpricing of SME IPOs in India," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 44(2), pages 193-208, May.
  17. Mazouz, Khelifa & Saadouni, Brahim & Yin, Shuxing, 2008. "Warrants in IPOs: Evidence from Hong Kong," Pacific-Basin Finance Journal, Elsevier, vol. 16(5), pages 539-554, November.
  18. Sarra Ben Slama Zouari & Abdelkader Boudriga & Neila Boulila Taktak, 2011. "Determinants Of Ipo Underpricing: Evidence From Tunisia," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 5(1), pages 13-32.
  19. Ng, Alex & Yuce, Ayse & Chen, Eason, 2009. "Determinants of state equity ownership, and its effect on value/performance: China's privatized firms," Pacific-Basin Finance Journal, Elsevier, vol. 17(4), pages 413-443, September.
  20. Chan, Kam C. & Fung, Hung-Gay & Thapa, Samanta, 2007. "China financial research: A review and synthesis," International Review of Economics & Finance, Elsevier, vol. 16(3), pages 416-428.
  21. Chen, Gongmeng & Firth, Michael & Kim, Jeong-Bon, 2004. "IPO underpricing in China's new stock markets," Journal of Multinational Financial Management, Elsevier, vol. 14(3), pages 283-302, July.
  22. Guo, Haifeng & Brooks, Robert, 2009. "Duration of IPOs between offering and listing: Cox proportional hazard models--Evidence for Chinese A-share IPOs," International Review of Financial Analysis, Elsevier, vol. 18(5), pages 239-249, December.
  23. Chen Su & Kenbata Bangassa, 2011. "Underpricing and long-run performance of Chinese IPOs: the role of underwriter reputation," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 25(1), pages 53-74, March.
  24. Ramit Anand & Balwinder Singh, 2019. "Effect of Composition of Board and Promoter Group Retained Ownership on Underpricing of Indian IPO firms: An Empirical Study," Indian Journal of Corporate Governance, , vol. 12(1), pages 21-38, June.
  25. Lin, Z. Jun & Tian, Zhimin, 2012. "Accounting conservatism and IPO underpricing: China evidence," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 21(2), pages 127-144.
  26. Francis, Bill B. & Hasan, Iftekhar & Sun, Xian, 2009. "Political connections and the process of going public: Evidence from China," Journal of International Money and Finance, Elsevier, vol. 28(4), pages 696-719, June.
  27. Zhe Shen & Jerry Coakley & Norvald Instefjord, 2014. "Earnings management and IPO anomalies in China," Review of Quantitative Finance and Accounting, Springer, vol. 42(1), pages 69-93, January.
  28. Wang, Xiaoming & Cao, Jerry & Liu, Qigui & Tang, Jinghua & Tian, Gary Gang, 2015. "Disproportionate ownership structure and IPO long-run performance of non-SOEs in China," China Economic Review, Elsevier, vol. 32(C), pages 27-42.
  29. Fan, Joseph P.H. & Wong, T.J. & Zhang, Tianyu, 2007. "Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms," Journal of Financial Economics, Elsevier, vol. 84(2), pages 330-357, May.
  30. Yu, Ting & Tse, Y.K., 2006. "An empirical examination of IPO underpricing in the Chinese A-share market," China Economic Review, Elsevier, vol. 17(4), pages 363-382.
  31. Cheung, Yan-leung & OUYANG, Zhiwei & TAN, Weiqiang, 2009. "How regulatory changes affect IPO underpricing in China," China Economic Review, Elsevier, vol. 20(4), pages 692-702, December.
  32. Qile Tan & William Dimovski & Victor Fang, 2015. "The Underpricing of Infrastructure IPOs: Evidence from China," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 18(04), pages 1-31, December.
  33. Saeed Md. Abdullah & Simon Zaby, 2021. "Seasoned Equity Offerings and Differences in Share-Price Impact by Firm Categories," IJFS, MDPI, vol. 9(3), pages 1-10, July.
  34. Wolfgang Aussenegg, 2000. "Privatization versus Private Sector Initial Public Offerings in Poland," Multinational Finance Journal, Multinational Finance Journal, vol. 4(1-2), pages 69-99, March-Jun.
  35. Ma, Shiguang & Faff, Robert, 2007. "Market conditions and the optimal IPO allocation mechanism in China," Pacific-Basin Finance Journal, Elsevier, vol. 15(2), pages 121-139, April.
  36. Boulton, Thomas J., 2023. "Property rights and access to equity capital in China," Global Finance Journal, Elsevier, vol. 55(C).
  37. Gannon, Gerard & Zhou, Yuwei, 2008. "Conflicts of interest and China's A-share underpricing," International Review of Financial Analysis, Elsevier, vol. 17(3), pages 491-506, June.
  38. Shiguang Ma, 2007. "Information asymmetry and valuation uncertainty, the determination of China's IPO allocation procedures," Applied Financial Economics, Taylor & Francis Journals, vol. 17(4), pages 271-284.
  39. Dongwei Su, 2000. "Asset Pricing in A Segmented Emerging Market," Journal of Applied Economics, Universidad del CEMA, vol. 3, pages 387-412, November.
  40. Liu, Haiming & Chiang, Yao-Min, 2022. "Confucianism and IPO underpricing," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
  41. Su, Dongwei, 2004. "Adverse-selection versus signaling: evidence from the pricing of Chinese IPOs," Journal of Economics and Business, Elsevier, vol. 56(1), pages 1-19.
  42. Jing Chi & Carol Padgett, 2002. "The Performance and Long-Run Characteristics of the Chinese IPO Market," ICMA Centre Discussion Papers in Finance icma-dp2002-09, Henley Business School, University of Reading, revised Apr 2002.
  43. Shen, Zhe & Coakley, Jerry & Instefjord, Norvald, 2013. "Investor participation and underpricing in lottery-allocated Chinese IPOs," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 294-314.
  44. Haini Deng & Gregor Dorfleitner, 2007. "Underpricing in Chinese IPOs-some recent evidence," Applied Financial Economics, Taylor & Francis Journals, vol. 18(1), pages 9-22.
  45. Haitian Lu & Yi Tan & Hong Huang, 2013. "Why do venture capital firms exist: An institution-based rent-seeking perspective and Chinese evidence," Asia Pacific Journal of Management, Springer, vol. 30(3), pages 921-936, September.
  46. Wang, Changyun, 2005. "Ownership and operating performance of Chinese IPOs," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1835-1856, July.
  47. Dr. Aniruddha DAS & Dr. Amith Vikram MEGARAVALLI & Dr. A. Sarath BABU, 2023. "What drives the oversubscription of IPO’s: evidence from Indian Stock Market," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(637), W), pages 47-62, Winter.
  48. Zhou, Zhong-guo & Hussein, Monica & Deng, Qi, 2021. "ChiNext IPOs' initial returns before and after the 2013 stock market reform: What can we learn?," Emerging Markets Review, Elsevier, vol. 48(C).
  49. Chen, Yibiao & Wang, Steven Shuye & Li, Wei & Sun, Qian & Tong, Wilson H.S., 2015. "Institutional environment, firm ownership, and IPO first-day returns: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 150-168.
  50. Wan, Jiayong & Yuce, Ayse, 2007. "Listing regulations in China and their effect on the performance of IPOs and SOEs," Research in International Business and Finance, Elsevier, vol. 21(3), pages 366-378, September.
  51. Ali Alnodel & Muhammad Junaid Khawaja, 2018. "Factors Influencing IPOs Pricing and Performance in Saudi Arabia: A Halal and Haram Perspective," Accounting and Finance Research, Sciedu Press, vol. 7(4), pages 1-78, November.
  52. Mingsheng Li & Desheng Liu & Jing Zhang & Luxiu Zhang, 2021. "Volatile market condition, institutional constraints, and IPO anomaly: evidence from the Chinese market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 1239-1275, March.
  53. Dimovski, William & Brooks, Robert, 2004. "Do you really want to ask an underwriter how much money you should leave on the table?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 14(3), pages 267-280, July.
  54. Smadar Siev & Mahmoud Qadan, 2022. "Call Me When You Grow Up: Firms’ Age, Size, and IPO Performance across Sectors," JRFM, MDPI, vol. 15(12), pages 1-22, December.
  55. Su, Dongwei & Fleisher, Belton M., 1999. "Why does return volatility differ in Chinese stock markets?," Pacific-Basin Finance Journal, Elsevier, vol. 7(5), pages 557-586, December.
  56. Zhong-guo Zhou & Janet Zhou, 2010. "Chinese IPO activity, pricing, and market cycles," Review of Quantitative Finance and Accounting, Springer, vol. 34(4), pages 483-503, May.
  57. repec:kap:iaecre:v:13:y:2007:i:1:p:65-80 is not listed on IDEAS
  58. William Dimovski & Robert Brooks, 2006. "The Pricing of Property Trust IPOs in Australia," The Journal of Real Estate Finance and Economics, Springer, vol. 32(2), pages 185-199, March.
  59. Du, Julan & Xu, Chenggang, 2009. "Which Firms went Public in China? A Study of Financial Market Regulation," World Development, Elsevier, vol. 37(4), pages 812-824, April.
  60. He, Ping & Ma, Lin & Wang, Kun & Xiao, Xing, 2019. "IPO pricing deregulation and corporate governance: Theory and evidence from Chinese public firms," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
  61. Dimovski, William & Brooks, Robert, 2008. "The underpricing of gold mining initial public offerings," Research in International Business and Finance, Elsevier, vol. 22(1), pages 1-16, January.
  62. Qi Quan & Nancy Huyghebaert, 2005. "Share Issuing Privatizations in China: Determinants of Public Share Allocation and Underpricing," LICOS Discussion Papers 16205, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  63. Huyghebaert, Nancy & Xu, Weidong, 2015. "What determines the market share of investment banks in Chinese domestic IPOs?," China Economic Review, Elsevier, vol. 34(C), pages 150-168.
  64. Friedmann, Ralph & Sanddorf-Kohle, Walter G., 2002. "Volatility clustering and nontrading days in Chinese stock markets," Journal of Economics and Business, Elsevier, vol. 54(2), pages 193-217.
  65. Francis, Bill B. & Hasan, Iftekhar & Sun, Xian, 2009. "Political connections and the process of going public: evidence from China," Bank of Finland Research Discussion Papers 7/2009, Bank of Finland.
  66. Jen-Sin Lee & Yue Li & Xin Hu & Qi-An Lu, 2017. "The Relation between Initial Returns and Audits by the Big Four Accounting Firms," Applied Economics and Finance, Redfame publishing, vol. 4(4), pages 44-58, July.
  67. Jianlei Han & Jing He & Zheyao Pan & Jing Shi, 2018. "Twenty Years of Accounting and Finance Research on the Chinese Capital Market," Abacus, Accounting Foundation, University of Sydney, vol. 54(4), pages 576-599, December.
  68. Gao, Yan, 2010. "What comprises IPO initial returns: Evidence from the Chinese market," Pacific-Basin Finance Journal, Elsevier, vol. 18(1), pages 77-89, January.
  69. Deng, Qi & Zhou, Zhong-guo, 2016. "Overreaction in ChiNext IPOs' initial returns: How much and what caused it?," Emerging Markets Review, Elsevier, vol. 29(C), pages 82-103.
  70. Ramit Anand & Balwinder Singh, 2019. "Do Firm- and Board-specific Characteristics Corroborate Underpricing? A Study on the Indian IPOs," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 44(1), pages 86-102, February.
  71. Tian, Lihui, 2011. "Regulatory underpricing: Determinants of Chinese extreme IPO returns," Journal of Empirical Finance, Elsevier, vol. 18(1), pages 78-90, January.
  72. S. Wong & Q. Wei & K. Chau, 2014. "IPO Location as a Quality Signal: The Case of Chinese Developers," The Journal of Real Estate Finance and Economics, Springer, vol. 49(4), pages 551-567, November.
  73. Shaio Yan Huang & Chao-Hsiung Lee & Lee-Hsien Pan & Bich Hanh Nguyen Thi, 2016. "IPO Initial Excess Return in an Emerging Market: Evidence from Vietnam’s Stock Exchanges," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 1-23, June.
  74. Ang, James S. & Ma, Yulong, 1999. "Transparency in Chinese stocks: A study of earnings forecasts by professional analysts," Pacific-Basin Finance Journal, Elsevier, vol. 7(2), pages 129-155, May.
  75. Chen Chien-Hsun & Shih Hui-Tzu, 2004. "Initial Public Offering and Corporate Governance in China's Transitional Economy," NBER Chapters, in: Governance, Regulation, and Privatization in the Asia-Pacific Region, National Bureau of Economic Research, Inc.
  76. Azevedo, Alcino & Guney, Yilmaz & Leng, Jingsi, 2018. "Initial public offerings in China: Underpricing, statistics and developing literature," Research in International Business and Finance, Elsevier, vol. 46(C), pages 387-398.
  77. Yong, Othman, 2007. "A review of IPO research in Asia: What's next?," Pacific-Basin Finance Journal, Elsevier, vol. 15(3), pages 253-275, June.
  78. Kulabutr Komenkul & Mohamed Sherif & Bing Xu, 2017. "IPOs’ signalling effects for speculative stock detection: evidence from the Stock Exchange of Thailand," Applied Economics, Taylor & Francis Journals, vol. 49(31), pages 3067-3085, July.
  79. Chan, K. & Karolyi, G. A. & Rhee, S. G., 2002. "A retrospective evaluation of the Pacific-Basin Finance Journal: 1993-2002," Pacific-Basin Finance Journal, Elsevier, vol. 10(5), pages 497-516, November.
  80. John Fernald & John H. Rogers, 2002. "Puzzles In The Chinese Stock Market," The Review of Economics and Statistics, MIT Press, vol. 84(3), pages 416-432, August.
  81. Congsheng Wu, 2014. "Underpricing of homecoming A-share IPOs by Chinese firms already listed abroad," Review of Quantitative Finance and Accounting, Springer, vol. 43(3), pages 627-649, October.
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  83. William Dimovski & Simmala Philavanh & Robert Brooks, 2011. "Underwriter reputation and underpricing: evidence from the Australian IPO market," Review of Quantitative Finance and Accounting, Springer, vol. 37(4), pages 409-426, November.
  84. Chun Zhou & Wenyu Zhou & Jiajun Lu, 2021. "The Short-Term Impacts of the Registration-Based IPO Reform in China: Towards a More Sustainable Equity Market," Sustainability, MDPI, vol. 13(20), pages 1-17, October.
  85. Hu, Yi & Dai, Tiantian & Li, Yong & Mallick, Sushanta & Ning, Lutao & Zhu, Baohua, 2021. "Underwriter reputation and IPO underpricing: The role of institutional investors in the Chinese growth enterprise market," International Review of Financial Analysis, Elsevier, vol. 78(C).
  86. Liu, Jianlei & Uchida, Konari & Gao, Ruidong, 2014. "Legal protection and underpricing of IPOs: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 27(C), pages 163-187.
  87. Michael E. Drew & Tony Naughton & Madhu Veeraraghavan, 2003. "Asset Pricing in China: Evidence from the Shanghai Stock Exchange," School of Economics and Finance Discussion Papers and Working Papers Series 128, School of Economics and Finance, Queensland University of Technology.
  88. Liu, Jianlei & Uchida, Konari & Li, Yuan, 2020. "Provincial economic performance and underpricing of IPOs: Evidence from political interventions in China," Economic Modelling, Elsevier, vol. 86(C), pages 274-285.
  89. Su, Dongwei, 2004. "Leverage, insider ownership, and the underpricing of IPOs in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 14(1), pages 37-54, February.
  90. Fei Jiang & Lawrence A. Leger, 2010. "The impact on performance of IPO allocation reform," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 2(3), pages 251-272, August.
  91. Giannopoulos, George & Degiannakis, Stavros & Holt, Andrew & Pongpoonsuksri, Teerapon, 2018. "The Impact of the 2007 Global Financial Crisis on IPO Performance in Asian-Pacific Emerging Markets," MPRA Paper 96269, University Library of Munich, Germany.
  92. Francis, Bill B. & Hasan, Iftekhar & Sun, Xian, 2009. "Political connections and the process of going public: Evidence from China," Journal of International Money and Finance, Elsevier, vol. 28(4), pages 696-719, June.
  93. Fei Jiang & Lawrence Leger, 2009. "The Impact on IPO Performance of Reforming IPO Allocation Regulations: An Event Study of Shanghai Stock Exchange A-Shares," Discussion Paper Series 2009_04, Department of Economics, Loughborough University, revised Feb 2009.
  94. Maher Kooli & Jean-Marc Suret, 2001. "The Underpricing of Initial Public Offerings: Further Canadian Evidence," CIRANO Working Papers 2001s-50, CIRANO.
  95. Jing Chi & Dr. Carol Padgett, 2002. "Short-Run Under Pricing and its Characteristics in Chinese IPO Markets," ICMA Centre Discussion Papers in Finance icma-dp2001-12, Henley Business School, University of Reading, revised Jul 2002.
  96. Maria Borges, 2007. "Underpricing of Initial Public Offerings: The Case of Portugal," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 13(1), pages 65-80, February.
  97. Yao, Yang & Yueh, Linda, 2009. "Law, Finance, and Economic Growth in China: An Introduction," World Development, Elsevier, vol. 37(4), pages 753-762, April.
  98. Mohd Rashid, Rasidah & Abdul-Rahim, Ruzita & Yong, Othman, 2014. "The influence of lock-up provisions on IPO initial returns: Evidence from an emerging market," Economic Systems, Elsevier, vol. 38(4), pages 487-501.
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