UnderwritersReputation and IPO Underpricing under the Background of Chinese Market
Based on the background of Chinese distribution market,this paper researches the IPO underpricing phenomenon in Chinese IPO market from the perspective of underwritersreputation.This paper builds an IPO underpricing model which consider for the underwriters reputation,which indicates that the more reputable underwriters is the more IPO underpriced.In order to verify the conclusion of theoretical model,1126 IPO companies from June 19,2006 to October 11,2012 are selected as samples.The relationship between IPO underpricing and underwritersreputation are tested.The empirical results are basically consistent with the theory model,which shows the underwriter reputation mechanism lose efficacy in Chinese market.
SHI Jinyan WEI Dianfeng SONG Zhe
Faculty of Management and Economics,Dalian University of Technology,Dalian,China,116024;Dalian Hi-ch Faculty of Management and Economics,Dalian University of Technology,Dalian,China,116024
国际会议
大连
英文
806-811
2013-06-29(万方平台首次上网日期,不代表论文的发表时间)