An Empirical Study of Full-Circulating Stocks IPO Underpricing in Chinas A-share Market

摘要：

In China, IPO underpricing phenomena attracts more and more attentions. This paper constructs a structural system of equations and uses the instrumental-variables method to analyze IPO underpricing of the full-circulating stocks. Our empirical findings that those IPO underpricing and initial turnovers are negatively correlated support the hypothesis of speculative bubbles. The IPO underpricing is negatively correlated with earnings per share (EPS), and positively correlated with price-earning (PE) ratio, which suggests some irrationality of A-share market investors.

关键词： Initial public offering (IPO) under pricing initial turnover

作者: Xiao-peng JI Hong-li WANG Hong-yu LI Wei-min WU Jian-guo TAN

作者单位: School of Management,Tianjin University,Tianjin,China School of Economics,Shanghai University of Finance and Economics,Shanghai,China School of Science,Tianjin Polytechnic University,Tianjin,China

会议类型: 国际会议

会议名称: 2010 IEEE 17th International Conference on Industrial Engineering and Engineering Management(2010年IEEE第17届工业工程与工程管理国际学术会议)

会议地点: 厦门

会议语种:英文

页码: 1152-1154

在线出版日期: 2010-10-29（万方平台首次上网日期，不代表论文的发表时间）