Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Underpricing And Long Run Performance Of Chinese Ipos
Download Underpricing And Long Run Performance Of Chinese Ipos full books in PDF, epub, and Kindle. Read online Underpricing And Long Run Performance Of Chinese Ipos ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Underpricing and Long-run Performance of Chinese IPOs by : Yuzhi Wang
Download or read book Underpricing and Long-run Performance of Chinese IPOs written by Yuzhi Wang and published by . This book was released on 2005 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the underpricing and long-term performance of A-share initial public offerings (IPOs) issued in China between January 1996 and December 2004. The sample is divided into State Owned Enterprises (SOEs) and non-State Owned Enterprises (non-SOEs) to investigate the difference in IPO underpricing and long-term performance between these two groups. I find that non-SOEs are significantly less underpriced than SOEs. In addition, I find that the changes in government policies do have an impact on IPO underpricing. My study confirms the results of previous studies that the long-term stock returns of Chinese IPOs is positive using a market index as a benchmark, while the long-term operating performance of these IPO firms exhibits negative changes. However, the SOE and non-SOE sub-samples do not show any significant differences in either long-term stock returns or operating performance when size- and book-to-market-matched portfolios are used as benchmarks. Finally, my findings are also consistent with the signaling theory of IPOs.
Book Synopsis Ungerpricing [sic] and Long-run Performance of Chinese IPOs by : Yuzhi Wang
Download or read book Ungerpricing [sic] and Long-run Performance of Chinese IPOs written by Yuzhi Wang and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Aftermarket Performance of Chinese IPOs by : Nuo Lai
Download or read book The Aftermarket Performance of Chinese IPOs written by Nuo Lai and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I study the phenomena of initial underpricing and long-run underperformance of initial public offerings (IPO) in the Chinese A-share market. After giving an overview on existing literature and the characteristics of the Chinese IPO market, I examine a sample consisting of 196 A-share IPOs issued on the Shanghai Stock Exchange (SSE) during 2002 and 2004 and find that the average market-adjusted initial underpricing is 93.89% and that the average market-adjusted cumulative return and buy-and-hold return over the three years after listing are -20.77% and -24.07%, respectively, which are both significantly negative at 1% level. I then use a cross-sectional analysis to explain the initial underpricing of Chinese IPOs, showing that issuing companies with smaller offer sizes, lower offer prices and higher profitability have higher initial underpricing. Chinese IPO investors are also facing the winner's curse problem. The cross-sectional analysis of long-run performance shows that companies with lower initial underpricing perform better in the long-run and that long-run performance mainly depends on the operating performance of the companies. Government ownership has no significant impact on initial underpricing and long-run performance of IPOs in my sample.
Book Synopsis Does IPO Underpricing in China Explain a Firm's Long-Term Performance? An Empirical Study of IPOs in China with Corporate Governance Perspectives by : Martin Hovey
Download or read book Does IPO Underpricing in China Explain a Firm's Long-Term Performance? An Empirical Study of IPOs in China with Corporate Governance Perspectives written by Martin Hovey and published by . This book was released on 2009 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In excess of 1,500 firms have listed publicly on the Shanghai and Shenzhen stock exchanges in China since 1990. With close to 20 years of unique IPO activity, China represents a rich source of data to explore the IPO aftermarket performance. The sample of this study includes 311 IPOs issued from 1999 to 2001. The period is studied because it was the most dynamic phase of IPO issues in the Chinese market in recent times after which the market subsequently became extremely volatile. The results of the study show that firms with higher initial IPO returns are valued more highly by investors, and are expected to provide superior returns in the long-run. The ownership structure has a bearing on the corporate governance of the firm and its objectives. Accordingly, the market in China values legal person and foreign ownership more than other forms of ownership and expect these to enhance performance long-term. Management ownership has a positive influence on performance as it related to State ownership, but not to legal person ownership. On the other hand, State ownership was negatively related to performance. The findings also show that the growth potential of a firm has a significant bearing on the long run performance of IPOs in China. Larger firms are considered more highly by the market in IPOs in China. A number of other variables, including aspects of corporate governance, are applied to the study and their results are reported.
Book Synopsis The Performance and Long-Run Characteristics of the Chinese IPO Market by : Carol Padgett
Download or read book The Performance and Long-Run Characteristics of the Chinese IPO Market written by Carol Padgett and published by . This book was released on 2014 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the short-run and long-run performance of Chinese privatization initial public offerings (PIPOs), using data for 340 and 409 new issues on the Shanghai and Shenzhen Stock Exchanges respectively, from 1 January 1996 through 31 December 1997. The average market-adjusted initial return is found to be 127.31%, and the initial returns on both stock exchanges are not significantly different from each other. The average market-adjusted buy and hold return over the three years after listing is 10.26%, which is significantly different from zero at the 1% level. We then use cross-sectional analysis to explain the long-run supernormal performance of Chinese PIPOs, and find that government ownership, the offering size and the feature of belonging to a high-tech industry are the main determinants of the long-run performance. In addition, firms that perform better in the long-run tend to make more Seasoned Equity Offerings (SEOs), and the underpricing of IPOs is negatively related to their long-run performance.
Book Synopsis The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets by : Oliver Reiche
Download or read book The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets written by Oliver Reiche and published by Anchor Academic Publishing (aap_verlag). This book was released on 2014-06-23 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Initial Public Offering (IPO) marks one of the most important events of a company. Basically, the aim is to generate maximum proceeds by selling the company’s shares to investors. However, the shares that are sold seem to be underpriced as the price significantly soars on the first trading day. Since the very first detection of this phenomenon in the United States in 1969, several subsequent studies have documented the existence of worldwide IPO underpricing. This study focuses on IPO Underpricing in the European and United States Stock Markets by outlining and discussing the following essential issues: What is underpricing in the context of the IPO? Which motivations are there and how do they impact? Is there IPO underpricing in the markets of Europe and the United States of America?
Book Synopsis Suspensions of IPO Markets in China by CRSC and Their Effect on IPO Underpricing and Long-term Stock Market Performance by : Xufan Deng
Download or read book Suspensions of IPO Markets in China by CRSC and Their Effect on IPO Underpricing and Long-term Stock Market Performance written by Xufan Deng and published by . This book was released on 2015 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the effects of the IPO market suspensions and reopenings in China that were ordered by the China Securities Regulatory Commission (CSRC) on IPO underpricing and long-term stock performance in China. The analyses are based on a sample of Chinese A-share IPOs from 2001 to 2013.
Book Synopsis Short-Run Underpricing and its Characteristics in Chinese IPO Markets by : Carol Padgett
Download or read book Short-Run Underpricing and its Characteristics in Chinese IPO Markets written by Carol Padgett and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the short-run performance of Chinese privatization initial public offerings (PIPOs), using data on 668 new issues on both the Shanghai and Shenzhen Stock Exchanges from 1 January 1996 to 31 December 2000. We find that the average market-adjusted initial returns on the 1st, 5th, 10th, and 20th trading days are 129.16%, 126.93%, 126.93% and 124.95%. We use cross-sectional analysis to explain the extraordinarily severe underpricing of Chinese IPOs, and find that IPO underpricing is primarily explained by the high demand caused by the quota system, and the high proportion of uninformed individual investors. Estimation results show that the Information Asymmetry Hypothesis explains the underpricing in Chinese IPO markets well, while the Signalling Hypothesis does not. In terms of government behaviour, the government does not send signals to the market on the quality of the issuers by underpricing, but it does capture the market opportunities to time IPOS to get the best market feedback on offerings. In addition, government ownership has a negative impact on the underpricing, which shows that privatization is welcomed by investors.
Book Synopsis The Performance of Chinese IPOs Listed in Singapore by : Alexander Richter
Download or read book The Performance of Chinese IPOs Listed in Singapore written by Alexander Richter and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the global IPO market, the Asia-Pacific region has grown tremendously in importance. This paper examines the performance of Chinese IPOs listed on the Singapore Exchange (SGX), where they make up for a significant part of stock market activity. Although IPO performance has been an area of vast research, hardly any research has yet been conducted on the phenomenon of foreign listings. A sample of 103 Mainland Chinese companies that went public in Singapore between 2003 and 2013 is compared to the Singaporean overall market as well as to Chinese companies listed on the domestic stock exchanges in Shenzhen and Shanghai. Among these samples, consisting of a total of 1682 new issuances, differences are identified and possible explanations given. Models of information asymmetry and market sentiment are used to explain higher initial returns on Chinese companies as their offers are accompanied by a higher degree of uncertainty. The differences in MAIRs between Singapore and China also show that the SGX is a more efficient and sophisticated stock exchange. Based on the regressions, the author concludes that the difference in IPO underpricing between the particular samples can be explained by a variety of factors, which are sometimes hard to qualify. Furthermore, the empirical evidence indicates that Chinese companies significantly underperform the overall market in the long-run. This can be attributed to the decline in investor confidence, as investors start questioning the quality of these companies more strongly.
Book Synopsis Initial Public Offerings by : Michelle Lowry
Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.
Book Synopsis Pricing and Performance of Initial Public Offerings in the United States by : Arvin Ghosh
Download or read book Pricing and Performance of Initial Public Offerings in the United States written by Arvin Ghosh and published by Routledge. This book was released on 2017-07-05 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t
Book Synopsis Handbook of Corporate Finance by : Bjørn Espen Eckbo
Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over
Download or read book Going Public written by Tim Jenkinson and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going Public investigates why companies routinely underprice themselves as they try to list themselves on the stock exchange. They subsequently underperform over the long-term and, in Going Public, the authors explore these 2 phenomena in plain English.
Book Synopsis The Chinese Initial Public Offering Market by : Haifeng Guo
Download or read book The Chinese Initial Public Offering Market written by Haifeng Guo and published by . This book was released on 2009 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis conducts three empirical studies on the Chinese A-share initial public offering (IPO) market, specifically, underpricing and short-run underperformance, duration from offering to listing and hot and cold issuing cycles. Before the empirical analysis, the literature is reviewed associated with these three topics. In addition, this thesis presents an overview of the Chinese IPO market which is found to undergo an experiment period from 1984 to 1990, a transition period from 1991 to 1993 and finally steps into a relatively mature stage from 1994. The issuing systems, allocation mechanisms, pricing methods, structure of shareholders are also discussed.The first empirical study analyses underpricing and short-run underperformance of the Chinese A-share IPOs from Mar, 2001 to 2005 when the Approval System is adopted. We find the market adjusted first-day returns average at 93.49% during this period. Then we explore why Chinese IPOs are underpriced so much. The influences of inequality of IPO demand and supply, allocation mechanisms, structure of shareholders, duration to listing and underwriters are discussed respectively. Based on the discussion, we construct an ordinary least squares regression model and find that the underpricing is positively related to this IPO's turnover ratio and state-owned shares and negatively related to its offering price, issuing size, etc. Meanwhile, this study extends the estimation and compares these IPOs' short-run underperformance on their 10th, 20th, 30th trading day. We find that the levels of short-run underpricing shrink. Both allocation mechanisms and underwriters can impact the degree of shrinking. The second empirical study estimates the duration from offering to listing of Chinese A-share IPOs issued from 1994 to 2005. We firstly explain the different IPO issuing procedures under the Administrative Authorizing System and the Approval System respectively and then compare the effects of these two issuing systems on the length of this duration. The findings indicate that the waiting time to listing has been shortened greatly after the Approval System is adopted. Secondly, this study emphasizes on exploring endogenous factors related to an issuer itself, such as this issuer's quality, market sentiment, allocation mechanism, and underwriter, etc. Then a Cox proportional hazard model is employed to examine these factors' influences on this issuer's final listing. Further, this study extends the analysis to explore the role of the issuing system and issuing year respectively. Most endogenous factors are found to still be functioning when we take into account the effect of the issuing system, but the effects of underwriter, allocation mechanism, offering price and floatation size diminish in favour of the effect of issuing year. The third empirical study focuses on detecting hot and cold IPO cycles in the Chinese A-share market during 1994-2005 using a Markov regime switching model. We introduce a set of observations to measure IPO monthly activities, which include the number of IPOs, underpricing, market conditions and duration to listing, and thus establish a model to estimate these activities' average performance in hot and cold periods respectively. It is found that a hot period is related with an abundant supply of IPOs, high levels of underpricing, positive market conditions and short waiting time to listing. This study presents the turning points of hot and cold periods for each observation. The cycles detected by the number of IPOs are the benchmark and then these cycles' robustness is tested by the other observations.
Book Synopsis Venture Capitalist Participation and the Performance of Chinese IPOs by : Isaac K. Otchere
Download or read book Venture Capitalist Participation and the Performance of Chinese IPOs written by Isaac K. Otchere and published by . This book was released on 2017 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the effects of venture capitalist participation in IPOs in China and find that VC-backed firms are more underpriced than non-VC firms. Both VC-backed and non-VC-backed IPOs experience long-run underperformance; however, VC-backed IPOs perform significantly better. The higher level of underpricing and cost of going public for the VC-backed firms are consistent with the monitoring role of the VC. Finally, the fact that VC reputation is associated with lower underpricing is consistent with the reputational capital theory, which asserts that reputable VCs use their expertise and experience to minimize underpricing in order to preserve their reputational capital.
Book Synopsis Effects of Exports, IPO Duration, and Government Protection on Market Returns of Chinese IPO Firms by : Jin Tan
Download or read book Effects of Exports, IPO Duration, and Government Protection on Market Returns of Chinese IPO Firms written by Jin Tan and published by . This book was released on 2017 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the influence of exports, IPO duration, and government protection on the initial returns and long-run performance of IPO firms in the Chinese stock markets. Focusing specifically on underpricing in both initial returns and post-IPO long-run market performance that previous studies have found, we investigate whether the duration of IPOs affects market returns, using data on 1,313 IPO firms listed on the Shanghai and Shenzhen Exchanges during the period 1987-2015. Our findings are summarized as follows. The duration of an IPO has a positive effect on the initial returns in IPO markets, but has a negative effect in the secondary markets in the long run. Then, exports and transactions between affiliates in family groups of an IPO firm have a negative effect in both the IPO markets and secondary markets in the long run. The privatization of SOEs has a statistically significant effect on initial returns, but a negative effect in the long run. Lastly, the controlling rights of the owners have an adverse effect in the primary markets, but a positive effect in the secondary markets.
Book Synopsis Pricing and Long-run Performance of IPOs in China by : Jie Pan
Download or read book Pricing and Long-run Performance of IPOs in China written by Jie Pan and published by . This book was released on 2010 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
![Download Ungerpricing [sic] and Long-run Performance of Chinese IPOs PDF Online Free](https://books.google.com/books/content/images/frontcover/D14XuAEACAAJ?fife=w200-h370)
