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Could the introduction of high-speed railway inhibit the IPO underpricing in China?

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  • Yun Hong
  • Yi Li

Abstract

This study examines the high-speed railway (hereinafter referred to as ‘HSR’)’s impact on initial public offering (hereinafter referred to as ‘IPO’) underpricing by using a large sample of IPO firms in China. By using the reduced-form difference-in-difference method, we find that the introduction of HSR significantly reduces the IPO underpricing, and the effect is more pronounced in the firms with auditors from different regions, and the firms in regions with better institutional environment.

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  • Yun Hong & Yi Li, 2020. "Could the introduction of high-speed railway inhibit the IPO underpricing in China?," Applied Economics Letters, Taylor & Francis Journals, vol. 27(18), pages 1479-1484, October.
    • Handle: RePEc:taf:apeclt:v:27:y:2020:i:18:p:1479-1484
    DOI: 10.1080/13504851.2019.1690125
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    Cited by:

    1. Huang, Yingshan & Ouyang, Haiqin & Pan, Weihua & He, Xiaogang, 2023. "Role of high-speed rail services in China’s economic recovery: Evidence from manufacturing firm inventories," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 389-405.

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