Empirical Analysis on China IPO Underpricing Phenomenon Based on Investor Sentiment and Issuing System Reforms
Wang, Fei (2013) Empirical Analysis on China IPO Underpricing Phenomenon Based on Investor Sentiment and Issuing System Reforms. [Dissertation (University of Nottingham only)] (Unpublished)
This study investigates the causes of the abnormal high initial returns of 963 companies making an initial public offering (IPO) of A-shares during 2006 and 2011 on Shanghai and Shenzhen stock exchanges in China. To find whether the high initial return of IPO shares comes from primary market or secondary market, the research employs stochastic frontier approach to test the existing of underprice of IPO shares in primary market and the analysis result shows that there is no average deliberately underpricing in primary market.
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