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Differences of opinion, institutional bids, and IPO underpricing

本站小编 Free考研/2020-04-17

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Differences of opinion, institutional bids, and IPO underpricing
文献类型:期刊
通讯作者:Meng, QB (reprint author), Renmin Univ China, Sch Business, Beijing, Peoples R China.
期刊名称:JOURNAL OF CORPORATE FINANCE
年:2020
卷:60
ISSN:0929-1199
关键词:Difference of opinion; Initial public offering (IPO); Underpricing
所属部门:商学院
摘要:Miller (1977) hypothesizes that IPO underpricing arises because the issue price is based on the average opinion while the aftermarket price is set by a minority of optimistic investors. Using a unique data set of institutional bids for a large sample of Chinese IPOs, we show that the IPO issue price is positively related to the quantity-weighted average bid price and unrelated to the market-clearing bid price. In contrast, the first-day closing price is positively related to the market-clearing ...More
Miller (1977) hypothesizes that IPO underpricing arises because the issue price is based on the average opinion while the aftermarket price is set by a minority of optimistic investors. Using a unique data set of institutional bids for a large sample of Chinese IPOs, we show that the IPO issue price is positively related to the quantity-weighted average bid price and unrelated to the market-clearing bid price. In contrast, the first-day closing price is positively related to the market-clearing bid price and unrelated to the average bid price. Overall, our results provide strong support for Miller's explanation of IPO underpricing. ...Hide

DOI:10.1016/j.jcorpfin.2019.101540
百度学术:Differences of opinion, institutional bids, and IPO underpricing
语言:外文
人气指数:2
浏览次数:2
基金:Foundation of Youth for Humanity and Social Sciences from the Ministry of Education of ChinaMinistry of Education, China [16YJC630024]; National Natural Science Foundation of ChinaNational Natural Science Foundation of China [71772174]
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