文献详情
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]
作者其他论文



Fiscal decentralization and corporate investment: empirical evidence from China.Gao, Shenghao, Wang, Liming, Liu, Ningyue, et al. .JOURNAL OF ECONOMIC POLICY REFORM. 2019, 22(1), 51-68.
On the dividends of the risk model with Markovian barrier.Meng, Qingbin, Bi, Junna,.COMMUNICATIONS IN STATISTICS-THEORY AND METHODS. 2020, 49(5), 1272-1280.
Does short selling affect a firm's financial constraints?.Meng, Qingbin, Li, Xinyu, Chan, Kam C., et al. .JOURNAL OF CORPORATE FINANCE. 2020, 60.
The warning of haze: weather and corporate investment.Zhang, Xiuping, Wang, Shouyang, Meng, Qingbin, et al. .ACCOUNTING AND FINANCE. 2019, 59(5), 3029-3052.
Motives for corporate philanthropy propensity: Does short selling matter?.Hou, Deshuai, Meng, Qingbin, Zhang, Kai, et al. .INTERNATIONAL REVIEW OF ECONOMICS & FINANCE. 2019, 63(,SI), 24-36.