The impact of pricing mechanism reform on underpricing of initial public offerings in China

被引：9
|
作者：
Pu, Danlin [1 ]
Wang, Shanping [2 ]
机构：
[1] Hunan Univ, Business Sch, Changsha 410079, Hunan, Peoples R China
[2] Hunan Normal Univ, Business Sch, Changsha 410012, Hunan, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2015年 / 22卷 / 14期
基金：
中国国家自然科学基金;
关键词：
initial public offerings; bookbuilding method; underpricing; fixed price offerings; BOOK;
D O I：
10.1080/13504851.2015.1011303
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a sample of initial public offerings (IPOs) (A-shares) at the Shanghai Securities Exchange from 2003 to 2007, we examine the effect of introducing the bookbuilding method upon IPO underpricing in China. The results show that after the pricing mechanism reform, the underpricing of IPOs was significantly higher than that of fixed price offerings. The possible reason is that underwriters have no discretionary allocation in the hybrid bookbuilding/open offer method.
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页码：1144 / 1149
页数：6
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