Chinas IPO Underpricing--Based on a New Perspective on Earnings Management
In this paper IPOs of Chinas listed companies were studied. The extent of earning management was estimated with a cash flowreturn model. By using hypothetical analysis, a multivariate regression model was obtained. Empirical analysis showed significant positive relation between earning management and IPO underpricing, and partial correlation coefficient analysis revealed that the relativity of offering price and reported earning was higher than the relativity of offering price and real earning, and the relativity of first days closing price and reported earning was higher than the relativity of first days closing price and real earning. The conclusion of this paper is that the characteristics of Chinas primary and secondary market system and their resulted behavior differences of investor contributed to the high IPO underpricing.
Earning Management Initial Public Offerings 1Underpricing Cash-Return Model
Zhaoyuan Geng Weizhong Hu Jiawei Huang Shujie Guo
Department of Applied Economics, Business School ofZhejiang University City College, Hangzhou,310015 Department of Applied Economics, Business School of Zhejiang University City College, Hangzhou,31001
国际会议
成都
英文
1-5
2010-04-16（万方平台首次上网日期，不代表论文的发表时间）