Study on IPO Underpricing in China’s Growth Enterprise Market

摘要：

This article takes samples from 58 companies which go public in the growth enterprise market (GEM) between October 2009 and February 2010, and sets multiple linear regression models to exam asymmetric information hypothesis and behavioral hypothesis. The results show that the mainstream asymmetric information hypothesis can only explain part of Chinas GEM IPO underpricing. However, the supply and demand imbalances in the secondary market and the speculation atmosphere among investors are important reasons for IPO underpricing in GEM.

作者: Wu Xiaolan Ma Chaohui

作者单位: School of Management,Huazhong University of Science &Technology,Wuhan,P.R.China,430074

会议类型: 国际会议

会议名称: The 7th International Conference on Innovation and Management(第七届创新与管理国际会议 ICIM 2010)

会议地点: 武汉

会议语种:英文

页码: 1279-1283

在线出版日期: 2010-12-04（万方平台首次上网日期，不代表论文的发表时间）