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An Empirical Assessment of A-Share IPO Under-Pricing in China
DC Field | Value | Language |
---|---|---|
dc.contributor.author | SOHN, CHAN-HYUN | - |
dc.contributor.author | TSUI, ALBERT K | - |
dc.contributor.author | ZHANG, FENG | - |
dc.contributor.author | ZHANG, ZHAOYONG | - |
dc.date.accessioned | 2012-11-16T08:23:02Z | - |
dc.date.available | 2012-11-16T08:23:02Z | - |
dc.date.issued | 2012-06 | - |
dc.identifier.citation | Seoul Journal of Business, Vol.18 No.1, pp. 26-57 | - |
dc.identifier.issn | 1226-9816 | - |
dc.identifier.uri | https://hdl.handle.net/10371/79404 | - |
dc.description.abstract | This paper investigates the under-pricing and long-run performance of 230 A-share IPOs issued in the Chinese markets using comparable firm multiples. We find that A-share IPOs are severely under-valued by issuers and underwriters at the offer, but over-valued by investors on the listing
day. Both contribute to the severe under-pricing of IPOs in China. Our findings are robust across stock exchanges, classification of firms, criteria for choosing matching firms; absence of CSRC regulation and B-share market prices, respectively. The results also show that those over-valued IPOs by investors on the listing day under-perform those under-valued IPOs in the long-run. | - |
dc.language.iso | en | - |
dc.publisher | College of Business Administration (경영대학) | - |
dc.subject | Chinese stock market | - |
dc.subject | A-share IPO | - |
dc.subject | Under-pricing | - |
dc.title | An Empirical Assessment of A-Share IPO Under-Pricing in China | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 손찬현 | - |
dc.citation.journaltitle | Seoul Journal of Business | - |
dc.citation.endpage | 57 | - |
dc.citation.number | 1 | - |
dc.citation.pages | 26-57 | - |
dc.citation.startpage | 26 | - |
dc.citation.volume | 18 | - |
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