Investor participation and underpricing in lottery-allocated Chinese IPOs

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	Investor participation and underpricing in lottery-allocated Chinese IPOs
	Shen, Zhe ; Coakley, Jerry ; Instefjord, Norvald ; Shen Z(沈哲)
刊名	http://dx.doi.org/10.1016/j.pacfin.2013.10.002
	2013
关键词	INITIAL PUBLIC OFFERINGS WINNERS CURSE RETURNS ISSUES PERFORMANCE SENTIMENT CASCADES MARKETS PRICE RISK
英文摘要	We examine the association between IPO underpricing and investor participation using a unique sample of 411 Chinese IPOs where the offer price is not influenced by the issuers and underwriters, and allocation to subscribers is by a lottery mechanism. We find that investor participation does not increase with the profitability or liquidity of new issues contrary to the rational participation and liquidity hypotheses. However, consistent with the price bubbles hypothesis, we find robust evidence that initial returns and investor participation are positively related and that initial returns are inversely related with the three-year risk-adjusted abnormal return following IPOs. The implication is that excess demand inflated initial trading prices and exacerbated the Chinese "underpricing" phenomenon during our 1996-2000 sample period. (C) 2013 Elsevier B.V. All rights reserved.
语种	英语
出版者	ELSEVIER SCIENCE BV
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/87512]
专题	财会院－已发表论文
推荐引用方式 GB/T 7714	Shen, Zhe,Coakley, Jerry,Instefjord, Norvald,et al. Investor participation and underpricing in lottery-allocated Chinese IPOs[J]. http://dx.doi.org/10.1016/j.pacfin.2013.10.002,2013.
APA	Shen, Zhe,Coakley, Jerry,Instefjord, Norvald,&沈哲.(2013).Investor participation and underpricing in lottery-allocated Chinese IPOs.http://dx.doi.org/10.1016/j.pacfin.2013.10.002.
MLA	Shen, Zhe,et al."Investor participation and underpricing in lottery-allocated Chinese IPOs".http://dx.doi.org/10.1016/j.pacfin.2013.10.002 (2013).