Empirical Study on How IPO Offering Policies Impact Price In Stock Market in China
This paper made a thorough statistical study on IPO under-pricing in different circumstances of the fixed-price, online-pricing, and book-building mechanisms in China, and found that the influence of different policies upon new issues pricing was not significant. The marketization reform has not taken its full effect. The main reasons lie in that on the one hand, there lacked a good executive environment and a powerful execution of the new mechanisms, and there were many factors which interfered with and distorted the implementation process, on the other hand, the lack of complementary measures often caused market failure. Methods for improvement mainly include that an honest and responsible market atmosphere should be formed, the institutional investors behavior shall be more restricted, and some further supplementary mechanisms should be introduced.
IPO Offering Mechanisms Price Anomaly Policy Effects
HUANG Fangliang ZHANG Kui
School of Finance, Shandong University of Finance, P.R.China, 250014 Capital Construction Office, Shandong University of Finance, P.R.China, 250014
国际会议
2008年国际应用统计学术研讨会(2008 International Institute of Applied Statistics Studies)
烟台
英文
1-5
2008-08-14（万方平台首次上网日期，不代表论文的发表时间）