IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Long-Run Outperformance of Chinese Initial Public Offerings

Listed author(s):
  • Jing Chi
  • Chunping Wang
  • Martin Young

The long-run performance of Chinese IPOs is investigated using 897 A-share IPOs listed on the two Chinese stock exchanges from 1996 to 2002. Significantly positive abnormal returns are found up to three years after listing by using the cumulative abnormal return measure, the buy-and-hold abnormal return measure, and the Fama-French three-factor model. Since the series of reforms in 1999-2000, outperformance has shown clear signs of decreasing. Cross-sectional analysis supports the view that the reasons for the outperformance of IPOs are the privatized nature of the new issues and the inequality of supply and demand. However, the uncertainty of the reforms reducing state ownership has made investing in IPOs less attractive in the long run.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by M.E. Sharpe, Inc. in its journal Chinese Economy.

Volume (Year): 43 (2010)
Issue (Month): 5 (January)
Pages: 62-88

in new window

Handle: RePEc:mes:chinec:v:43:y:2010:i:5:p:62-88
Contact details of provider: Web page:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:mes:chinec:v:43:y:2010:i:5:p:62-88. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.