Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 麦建理教授 (金融学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.pacfin.2014.02.003 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/3WOS source URL
其它资讯
摘要'Cornerstone' investor agreements, in which high net-worth entities receive a guaranteed block of IPO shares, constitute an important potential signal of IPO value. Their recent emergence in the Hong Kong market setting, in tandem with detailed prospectus disclosures on such items, opens-up a new field of inquiry in the IPO information signalling arena. I demonstrate a strong link between such agreements' various dimensions (i.e., presence, size, number of investing parties and lock-up period) and initial IPO value, as measured by market-to-book and Tobin's Q, at various points during the first http://aims.cuhk.edu.hk/converis/portal/Publication/30 days' trading. Consistent with signalling arguments, cornerstone-invested entities display stronger post-listing earnings growth. Global coordinators' on-market stabilization actions are also inversely related to all four cornerstone dimensions (presence, size, number and lock-up period). The present study also examines the dual-tranche structure of HKEx-organized IPOs and finds that the proportion of shares initially assigned the retail (placing) tranche is inversely- (positively-) related to market-to-book and Tobin's Q multiples. This result is consistent with more informed (institutional, corporate and high net-worth individual) investors squeezing-out retail investors in the most attractive issues. Higher valuation multiples are also evident where the placing arm is internationally-based and in issues containing secondary offers. (C) 2014 Elsevier B.V. All rights reserved.
着者McGuinness PB
期刊名称Pacific-Basin Finance Journal
出版年份2014
月份4
日期1
卷号27
出版社Elsevier
页次1http://aims.cuhk.edu.hk/converis/portal/Publication/38 - 162
国际标準期刊号0927-5http://aims.cuhk.edu.hk/converis/portal/Publication/38X
电子国际标準期刊号1879-0585
语言英式英语
关键词Cornerstone investors; Hong Kong; IPOs; Market capitalization
Web of Science 学科类别Business & Economics; Business, Finance; BUSINESS, FINANCE
