Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 庄太量教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1142/S0219091510002074 |
引用次数
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/7Scopus source URL
其它资讯
摘要The main purpose of this paper is to study the empirical determinants of the underpricing of H-share initial public offerings (IPOs) during the 1993-2003 period. A special characteristic of H-shares is that they are shares of companies incorporated in China, but are also listed abroad. Our estimates indicate that the average IPO underpricing level of H-shares was about 16.8%. We find that the conventional explanations for the worldwide IPO underpricing are not adequate in explaining the underpricing level of H-shares. Some new factors that are important in explaining the underpricing phenomenon in H-shares are identified. We show that the degree of IPO underpricing is positively associated with market conditions prior to issuance. It is also negatively related to the range of the issuing prices as well as to the growth rate of historical profits. In addition, it is found that firms cross-listed in Hong Kong and America have higher underpricing levels. ? 2010 World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research.
着者Chong T.T.-L., Yuan S., Yan I.K.-M.
期刊名称Review of Pacific Basin Financial Markets and Policies
出版年份2010
月份12
日期1
卷号13
期次4
出版社World Scientific Publishing Co
出版地Singapore
页次559 - 582
国际标準期刊号0219-0915
语言英式英语
关键词H-share, IPO, prospectus, Underpricing
