Different Underwriting Mechanisms and Relevant Effects on the Initial Offering Prices in China

摘要：

Stand-by and best-effort underwriting mechanisms are the major ones that have been adopted in China. There are rarely comparative studies on the two mechanisms. This paper showed that the difference concerning underpricing between stand-by and best-effort underwritings is not significant, which indicated that the stand-by mechanism reform’s policy effect was not evident. Therefore, further reform measure shall be taken to solve the long-lasting extremely high underpricing problem and make the market more efficient.

关键词： Underwriting Mechanisms Underpricing Effects

作者: HUANG Fangliang LI Yuanyuan

作者单位: School of Finance, Shandong University of Finance, P.R.China, 250014

会议类型: 国际会议

会议名称: 2009 International Institute of Applied Statistics Studies(2009 国际应用统计学术研讨会)

会议地点: 青岛

会议语种:英文

页码: 1-4

在线出版日期: 2009-07-25（万方平台首次上网日期，不代表论文的发表时间）