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The differential impact of the bank–firm relationship on IPO underpricing: evidence from China

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  • Hao, Xiangchao
  • Shi, Jing
  • Yang, Jian

Abstract

This study investigates the impact of the bank–firm relationship on IPO underpricing in China, an emerging economy with a bank-dominated financial system. Utilizing a hand-collected loan data for 902 Chinese IPO firms from 2004 to 2011, we document that the bank–firm relationship reduces the degree of IPO underpricing. Both the lender's and the borrower's firm characteristics affect the signal quality of the bank–firm relationship, resulting in differential impacts on IPO underpricing. The relationship between firms and banks with high credit quality or the relationship between politically unconnected firms and banks has a more positive impact on mitigating IPO underpricing.

Suggested Citation

  • Hao, Xiangchao & Shi, Jing & Yang, Jian, 2014. "The differential impact of the bank–firm relationship on IPO underpricing: evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 30(C), pages 207-232.
    • Handle: RePEc:eee:pacfin:v:30:y:2014:i:c:p:207-232
    DOI: 10.1016/j.pacfin.2014.10.004
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    More about this item

    Keywords

    The bank–firm relationship; Bank's credit quality; Political connections; Initial public offerings; Commercial banks;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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