An Empirical Study on IPO Underpricing in China A-shares Market

摘要：

Based on 234 A-shares issued from 2006 to 2008 under the inquiry system,a multivariate regression model is built with 8 factors which affect the initial returns.The result shows that the underpricing of Ashares has significant and positive relationship with the investors overreaction.We also find that underpricing is negatively related to the IPO size and lottery ratio.It is concluded that the IPO underpricing is mainly from the secondary market other than the first market.

关键词： IPO underpricing overreaction information asymmetry

作者: WANG Guipu RUAN Panxin CHEN Lei

作者单位: Zhejiang University of Technology,P.R.China

会议类型: 国际会议

会议名称: The Twelfth West Lake International Conference on Small & Medium Business(第十二届西湖国际中小企业研讨会 WLICSMB 2010)

会议地点: 杭州

会议语种:英文

页码: 348-356

在线出版日期: 2010-10-24（万方平台首次上网日期，不代表论文的发表时间）