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IPO underpricing in China's new stock markets

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  • Chen, Gongmeng
  • Firth, Michael
  • Kim, Jeong-Bon

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  • 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.
    • Handle: RePEc:eee:mulfin:v:14:y:2004:i:3:p:283-302
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    References listed on IDEAS

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    1. Poon, Winnie P. H. & Firth, Michael & Fung, Hung-Gay, 1998. "The spillover effects of the trading suspension of the treasury bond futures market in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 8(2), pages 205-218, June.
    2. Andy C. W. Chui & Chuck C. Y. Kwok, 1998. "Cross-Autocorrelation Between A Shares And B Shares In The Chinese Stock Market," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 21(3), pages 333-353, September.
    3. Hung-Gay Fung & Wai Lee & Wai Kin Leung, 2000. "Segmentation Of The A- And B-Share Chinese Equity Markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(2), pages 179-195, June.
    4. Jon A. Garfinkel, 1993. "IPO Underpricing, Insider Selling and Subsequent Equity Offerings: Is Underpricing a Signal of Quality?," Financial Management, Financial Management Association, vol. 22(1), Spring.
    5. Chui, Andy C W & Kwok, Chuck C Y, 1998. "Cross-Autocorrelation between A Shares and B Shares in the Chinese Stock Market," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 21(3), pages 333-353, Fall.
    6. Kevin Keasey & Helen Short, 1997. "Equity retention and initial public offerings: the influence of signalling and entrenchment effects," Applied Financial Economics, Taylor & Francis Journals, vol. 7(1), pages 75-85.
    7. Kunz, Roger M. & Aggarwal, Reena, 1994. "Why initial public offerings are underpriced: Evidence from Switzerland," Journal of Banking & Finance, Elsevier, vol. 18(4), pages 705-723, September.
    8. Chen, Gongmeng & Firth, Michael & Kim, Jeong-Bon, 2000. "The Post-issue Market Performance of Initial Public Offerings in China's New Stock Markets," Review of Quantitative Finance and Accounting, Springer, vol. 14(4), pages 319-339, June.
    9. Chakravarty, Sugato & Sarkar, Asani & Wu, Lifan, 1998. "Information asymmetry, market segmentation and the pricing of cross-listed shares: theory and evidence from Chinese A and B shares," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 8(3-4), pages 325-356, December.
    10. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    11. Fung, Hung-Gay & Lee, Wai & Leung, Wai Kin, 2000. "Segmentation of the A- and B-Share Chinese Equity Markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(2), pages 179-195, Summer.
    12. Beatty, Randolph P. & Ritter, Jay R., 1986. "Investment banking, reputation, and the underpricing of initial public offerings," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 213-232.
    13. Mok, Henry M. K. & Hui, Y. V., 1998. "Underpricing and aftermarket performance of IPOs in Shanghai, China," Pacific-Basin Finance Journal, Elsevier, vol. 6(5), pages 453-474, November.
    14. McGuinness, P., 1993. "Investor- and issuer-related perspectives of IPO underpricing," Omega, Elsevier, vol. 21(3), pages 377-392, May.
    15. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
    16. Kim, Moonchul & Ritter, Jay R., 1999. "Valuing IPOs," Journal of Financial Economics, Elsevier, vol. 53(3), pages 409-437, September.
    17. Lee, Philip J. & Taylor, Stephen L. & Walter, Terry S., 1996. "Australian IPO pricing in the short and long run," Journal of Banking & Finance, Elsevier, vol. 20(7), pages 1189-1210, August.
    18. Loughran, Tim & Ritter, Jay R. & Rydqvist, Kristian, 1995. "Initial public offerings: International insights," Pacific-Basin Finance Journal, Elsevier, vol. 3(1), pages 139-140, May.
    19. Qi, Daqing & Wu, Woody & Zhang, Hua, 2000. "Shareholding structure and corporate performance of partially privatized firms: Evidence from listed Chinese companies," Pacific-Basin Finance Journal, Elsevier, vol. 8(5), pages 587-610, October.
    20. Su, Dongwei & Fleisher, Belton M., 1999. "An empirical investigation of underpricing in Chinese IPOs," Pacific-Basin Finance Journal, Elsevier, vol. 7(2), pages 173-202, May.
    21. Michael Firth, 1998. "IPO profit forecasts and their role in signalling firm value and explaining post-listing returns," Applied Financial Economics, Taylor & Francis Journals, vol. 8(1), pages 29-39.
    22. repec:bla:jfinan:v:44:y:1989:i:2:p:421-49 is not listed on IDEAS
    23. Mario Levis, 1995. "Seasoned equity offerings and the short‐ and long‐run performance of initial public offerings in the UK," European Financial Management, European Financial Management Association, vol. 1(2), pages 125-146, July.
    24. Chowdhry, Bhagwan & Sherman, Ann, 1996. "International differences in oversubscription and underpricing of IPOs," Journal of Corporate Finance, Elsevier, vol. 2(4), pages 359-381, July.
    25. Firth, Michael, 1997. "An analysis of the stock market performance of new issues in New Zealand," Pacific-Basin Finance Journal, Elsevier, vol. 5(1), pages 63-85, February.
    26. Poon, Winnie P. H. & Firth, Michael & Fung, Hung-Gay, 1998. "Asset pricing in segmented capital markets: Preliminary evidence from China-domiciled companies," Pacific-Basin Finance Journal, Elsevier, vol. 6(3-4), pages 307-319, August.
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