238
Views
12
CrossRef citations to date
0
Altmetric
Articles

Offline Oversubscription, Issue Size, and Market Momentum: The Driving Forces for ChiNext IPOs’ Initial Underpricing

&

REFERENCES

  • Box, G.E.P., & G. M. Jenkins. (1976). Time series analysis: Forecasting and control, revised ed. San Francisco: Holden Day.
  • Chang, E., C. Chen, J. Chi, & M. R. Young. (2008). IPO underpricing in China: New evidence from the primary and secondary markets. Emerging Markets Review, 9, 1–16.
  • Chen, G., & N. Gao. (2000). IPO underpricing degree and reasons in China. Financial Research Journal (Chinese), 8, 1–15.
  • Chi, J., & C. Padgett. (2005). The performance and long-run characteristics of the Chinese IPO market. Pacific Economic Review, 10, 451–469.
  • Deng, H., & G. Dorfleitner. (2008). Underpricing in Chinese IPOs—Some recent evidence. Applied Financial Economics, 18, 9–22.
  • Deng, Q., & Z.-G. Zhou. (2015). The pricing of ChiNext IPOs. Working Paper.
  • Groenewold, N., Y. Wu, S.H.K. Tang, & X.M.M. Fan. (2004). The Chinese stock market: Efficiency, predictability and profitability. Cheltenham, UK, and Northampton, MA: Edward Elgar.
  • Gu, A.Y.X. (2003). State ownership, firm size, and IPO performance: Evidence from Chinese ‘A’ share issues. American Business Review, 21, 101–108.
  • Guo, H., & R. Brooks. (2008). Underpricing of Chinese A-share IPOs and short-run underperformance under the approval system from 2001 to 2005. International Review of Financial Analysis, 17, 984–997.
  • Guo, H., R. Brooks, & H.-G. Fung. (2011). Underpricing of Chinese initial public offerings. The Chinese Economy, 44, 72–85.
  • Hovey, M., L. Li, & T. Naughton. (2003). The relationship between valuation and ownership of listed firms in China. Corporate Governance: An International Review, 11, 112–122.
  • Hussein, M., & Z.-G. Zhou. (2014). The initial return and return volatility: Evidence from the Chinese IPO market. Review of Pacific Basin Financial Markets and Policies, 17, 1450022-1-1450022-32.
  • Li, L. (2004). An international IPO review with a focus on China. China and World Economy, 12, 74–85.
  • Li, L., J. Fowler, & T. Naughton. (2008). Short term equity returns of Chinese IPOs, 1999 to 2004: Excess demand, social policy and wealth effects. Journal of Emerging Market Finance, 7, 197–214.
  • Loughran, T., & J. R. Ritter. (2004). Why has IPO underpricing changed over time?. Financial Management, 33, 5–37.
  • Loughran T., J. R. Ritter, & K. Rydqvist. (1994). Initial public offerings: International insights. Pacific-Basin Finance Journal, 2, 165–199.
  • Lowry, M., M. S. Officer, & G. W. Schwert. (2010). The variability of IPO initial returns. Journal of Finance, 65, 425–465.
  • Mok, H.M.K., & Y. V. Hui. (1998). Underpricing and aftermarket performance of IPOs in Shanghai, China. Pacific-Basin Finance Journal, 6, 453–474.
  • Perotti, E. C. (1995). Credible privatization. American Economic Review, 85, 847–859.
  • Ritter, J., & I. Welch. (2002). A review of IPO activity, pricing, and allocation. Journal of Finance, 57, 1795–1828.
  • Schindele, I., & E. C. Perotti. (2002). Pricing initial public offerings in premature capital markets: The case of Hungary. FEEM Working Paper No. 116.
  • Shleifer, A., & R. W. Vishny. (1998). The grabbing hand: Government pathologies and their cures. Cambridge, MA: Harvard University Press.
  • Su, D. (2004). Leverage, insider ownership and the underpricing of IPOs in China. Journal of International Financial Markets, Institutions and Money, 14, 37–54.
  • Su, D., & B. M. Fleisher. (1999). An empirical investigation of underpricing in Chinese IPOs. Pacific-Basin Finance Journal, 7, 173–202.
  • Tian, L., & W. L. Megginson. (2007). Extreme underpricing: Determinants of Chinese IPO initial returns. Available at SSRN: http://ssrn.com/abstract=891042.
  • Xu, X., & Y. Wang. (1999). Ownership structure and corporate governance in Chinese stock companies. China Economic Review, 10, 75–98.
  • Yu, T., & Y. K. Tse. (2003). An empirical examination of IPO underpricing in the Chinese A-share market. SMU Economics and Statistics Working Paper Series. Paper No. 17–2003.
  • Zhou, Z.-G. (2014). The opening price performance of initial public offerings in China. The Chinese Economy, 47, 94–109.
  • Zhou, Z.-G., & J. Zhou. (2010). Chinese IPO activity, pricing, and market cycles. Review of Quantitative Finance and Accounting, 34, 483–503.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.